Homework Answers
Accounts Receivable Turnover = Credit sales/Average accounts receivables
Bassett stores = 240,900/[(39063+32613)/2]
= 6.7
Fox stores = 335,800/[(76099+58589)/2]
= 5
Days' sales in receivables = 365/Accounts Receivable Turnover
Bassett stores = 365/6.7
= 54 days
Fox stores = 365/5
= 73 days
Note that I have rounded some numbers. Comment if you face any issues
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