H.J. Heinz Company was founded in 1869 at Sharpsburg, Pennsylvania, by Henry J. Heinz. The company manufactures and mark

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H J Heinz Company Was Founded In 1869 At Sharpsburg Pennsylvania By Henry J Heinz The Company Manufactures And Mark 1 (35.87 KiB) Viewed 40 times

H.J. Heinz Company was founded in 1869 at Sharpsburg, Pennsylvania, by Henry J. Heinz. The company manufactures and markets food products throughout the world, including ketchup, condiments and sauces, frozen food, pet food, soups, and tuna. For two recent years, H.J. Heinz reported the following (in thousands): Sales Year 2 $11,649,079 993,510 Year 1 $10,706,588 1,265,032 Accounts receivable Assume that the accounts receivable (in thousands) were $1,045,338 at the beginning of Year 1. a. Compute the accounts receivable turnover for Year 2 and Year 1. Round interim calculations and final answers to one decimal place. Year 2: Year 1: b. Compute the days' sales in receivables at the end of Year 2 and Year 1. Round interim calculations and final answers to one decimal place. Use 365 days per year in your calculations. Year 2: days days Year 1: c. The change in accounts receivable turnover from year 1 to year 2 indicates a(n) increase a(n) favorable ✔ ✔ trend. ✔ in the efficiency of collecting accounts receivable and is a(n) favorable ✔ trend. The change in the days' sales in receivables indicates