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Accounts Receivable Turnover for Best Buy and Circ

Accounts Receivable Turnover for Best Buy and Circuit CityThe following information was summarized from a recent annual report of Best Buy Co. Inc.:The following information was summarized from a recent annual report of Circuit City Stores, Inc. (Receivables are net of allowances.)Required1. Calculate the accounts receivable turnover ratios for Best Buy and Circuit City for 2007.2. Calculate the average collection period, in days, for both companies for 2007. Comment on thereasonableness of the collection periods for these companies considering the nature of theirbusiness.3. Which company appears to be performing better? What other information should you considerin determining how these companies are performing?

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