Brief Exercise 8-14 (Part Level Submission) Maple Leaf Foods Inc. reported the f

Question

Brief Exercise 8-14 (Part Level Submission) Maple Leaf Foods Inc. reported the following selected information (in thousands) for the three years ended December 31, 2015, 2014, and 2013: 2015 2013 2014 $25,537 $20,498 $37,173 Trade receivables (gross) Allowance for doubtful accounts Sales 80 3,292,932 3,157,241 2,954,777 ? (a) x Your answer is incorrect. Try again. Calculate Maple Leaf 's receivables turnover and average collection period for 2015 and 2014. (Round answers to 1 decimal place, e.g. 52.5.) 2015 2014 T }tinesT-.................]times Receivables turnover Average collection period days days

Explanation / Answer

Calculate receivable turnover and average collection period :

2015 2014 Receivable turnover Sales/average receivable 3292932/23013 = 143.1 3157241/28793.50 = 109.7 Average collection period 365/receivable turnover 365/143.1 = 2.6 days 365/109.7 = 3.3 days

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