Music City, Inc., has an average collection period of 46 days. Its average daily investment...
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Music City, Inc., has an average collection period of 46 days. Its average daily investment in receivables is $67,800. Assume 365 days per year. What is the receivables turnover? (Do not round intermediate calculations and round your answer to 4 decimal places, e.g., 32.1616.) Receivables turnover ________ times What are annual credit sales? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Annual credit sales $ __________
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