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E6-24 (Algo) Computing and Interpreting the Receivables Turnover Ratio LO6-3 A recent annual report for National Carrier contained the following data:   (Dollars in thousands) Current Year Previous Year Accounts receivable $ 9,456,000 $ 88,452,000 Less: Allowances 290,000 402,000 Net accounts receivable $ 9,166,000 $ 88,050,000 Net sales (assume all on credit) $ 69,703,000   Required: 1. Determine the receivables turnover ratio and average days sales in receivables for the current year. Note: Use 365 days a year. Enter your answers in thousands not in dollars.

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The task provides data to compute the receivables turnover ratio and the average days sales in receivables for the current year, using numbers in thousands. First, restate the key figures from the data: net accounts receivable for the current year is 9,166,000 and for the previous year is 88,050,000. The net sales (credit) for the current year is 69,703,000. The note asks to enter answers in thousands, so we will keep all calculations in thousands. Step 1: Co......Login to view full explanation

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