May Department Stores is a large retailer that operates such brands as Hecht’s, Lord & Taylor, Marshall Field’s, and David’s Bridal. May reported the following data (in millions) for fiscal years ending:Accounts receivable 2,294 1,788Assume that accounts receivable (in millions) were $1,776 on January 31, 2003.a. Compute the accounts receivable turnover for the year ended January 29, 2005, and the year ended January 31, 2004. Round to one decimal place.b. What conclusions can be drawn from these analyses regarding May Department Stores’ efficiency in collectingreceivables?
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May Department Stores is a large retailer that operates such