Xavier stores company and lestrade stores inc. are large retail department stores. both companies offer credit to their customers through their own credit card operations. information from the financial statements for both companies for two recent years is as follows (all numbers are in millions):
xavier lestrade
merchandise sales $850,000 $4,585,000
credit card
receivables - beginning 820,000 600,000
credit card
receivables - ending 880,000 710,000
a. determine the (1) accounts receivable turnover and (2) the number of days' sales in receivables for both companies. round your calculations and answers to one decimal place. assume 365 days a year.
xavier lestrade
1. accounts receivables
- beginning
2. number of days' sales
in receivables __ days __ days