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Question - Accounts receivable turnover and days' sales in receivables Best Buy is a specialty retailer of consumer electronics, including personal computers, entertainment software, and appliances. Best Buy operates retail stores in addition to the Best Buy, Media Play, On Cue, and Magnolia Hi-Fi websites. For two recent years, Best Buy reported the following (in millions):
Sales: year 2: $39528 and year 1: $40339 Accounts receivable at end of year: year 2: 1162 and year 1: 1280
Assume that the accounts receivable (in millions) were $1,308 at the beginning of fiscal Year 1.
Compute the accounts receivable turnover for Year 2 and Year 1. Round to two decimal places.
Compute the days' sales in receivables at the end of Year 2 and Year 1. Use 365 days and round to one decimal place.
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