In 2013, G CO. reported product sales of $717.8 million and trade receivables of $79.4 million. In 2012, product sales were $584.9 million and trade receivables were $71.4 million. What was its receivables turnover ratio for 2013?

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The receivables turnover ratio is calculated by dividing the net credit sales by the average accounts receivable. For 2013, the average accounts receivable is ($79.4 million + $71.4 million) / 2 = $75.4 million. The receivables turnover ratio is $717.8 million / $75.4 million = 9.52.