Xavier stores company and lestrade stores inc. are large retail department stores. both companies offer credit to their customers through their own credit card operations. information from the financial statements for both companies for two recent years is as follows (all numbers are in millions):
xavier lestrade
merchandise sales $850,000 $4,585,000
credit card
receivables - beginning 820,000 600,000
credit card
receivables - ending 880,000 710,000
a. determine the (1) accounts receivable turnover and (2) the number of days' sales in receivables for both companies. round your calculations and answers to one decimal place. assume 365 days a year.
xavier lestrade
1. accounts receivables
- beginning
2. number of days' sales
in receivables __ days __ days

The average daily foreign exchange trading by banks around the world is closest to $ a. 1.5 trillion b. 1 trillion c. 600 billion d. 700 billion e. 1.3 trillion

He taylor company sells music systems. each music system costs the company $100 and will be sold to the public for $250. in year one, the company sells 100 gift cards to customers for $250 each ($25,000 in total). these cards are valid for just one year, and company officials expect them to all be redeemed. in year two, only 96 of the cards are returned. what amount of net income does the company report for year two in connection with these cards? a. $15,000b. $15,400c. $15,500d. $15,800

Chance company had two operating divisions, one manufacturing farm equipment and the other office supplies. both divisions are considered separate components as defined by generally accepted accounting principles. the farm equipment component had been unprofitable, and on september 1, 2018, the company adopted a plan to sell the assets of the division. the actual sale was completed on december 15, 2018, at a price of $600,000. the book value of the division’s assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale. the division incurred a before-tax operating loss from operations of $130,000 from the beginning of the year through december 15. the income tax rate is 40%. chance’s after-tax income from its continuing operations is $350,000. required: prepare an income statement for 2018 beginning with income from continuing operations. include appropriate eps disclosures assuming that 100,000 shares of common stock were outstanding throughout the year. (amounts to be deducted should be indicated with a minus sign. round eps answers to 2 decimal places.)