Walmart and Target are two of the largest and most successful retail chains in the world. To evaluate their ability to collect on credit sales, consider the following fictional information reported in their annual reports (amounts in millions).
Required:
1. Calculate the receivables turnover ratios and days to collect for Walmart and Target for the years ended January 31, 2017, and 2016. (Round to one decimal place.)
2. Which of the companies is quicker to convert its receivables into cash?
3. How did the economic difficulties in 2016 to 2017 affect the collections?
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