In its most recent annual report Leggett & Platt reported sales of $14,735 million. It also...
In its most recent annual report Leggett & Platt reported sales of $14,735 million. It also reported accounts receivable of $834 million at the beginning of the year and accounts receivable of $959 million at the end of the year. Calculate the accounts receivable turnover ratio. Present your answer to one decimal place. e.g. 20.0. Please show steps.
Homework Answers
Average accounts receivables = (Beginning value + ending value) / 2
Average accounts receivables = (834 + 959) / 2
Average accounts receivables = 896.5
Receivables turnover = Sales / Average receivables
Receivables turnover = 14,735 / 896.5
Receivables turnover = 16.44
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