ABC company's records included the following, assume 365 days in a year:Accounts Receivable, 12/31/20$ 860,000Accounts Receivable, 12/31/19780,000Merchandise Inventory, 12/31/20900,000800,000Merchandise Inventory, 12/31/19Net Sales during 20208,364,000Cost of Sales during 20205,950,000Compute Solomon's accounts receivable turnover ratio in 2020O 9.8 timesO 10.7 timesO 10.2 times9.73 times

Average Accounts Receivables = (Beginning Accounts Receivables + Ending Accounts Receivables ) /2…

ABC company's records included the following, assume 365 days in a year: Accounts Receivable, 12/31/20 $ 860,000 Accounts Receivable, 12/31/19 780,000 Merchandise Inventory, 12/31/20 900,000 Merchandise Inventory, 12/31/19 800,000 Net Sales during 2020 8,364,000 Cost of Sales during 2020 5,950,000 Compute Solomon's accounts receivable turnover ratio in 2020 O 9.8 times O 10.7 times O 10.2 times O 9.73 times

ABC company's records included the following, assume 365 days in a year: Accounts Receivable, 12/31/20 $ 860,000 Accounts Receivable, 12/31/19 780,000 Merchandise Inventory, 12/31/20 900,000 Merchandise Inventory, 12/31/19 800,000 Net Sales during 2020 8,364,000 Cost of Sales during 2020 5,950,000 Compute Solomon's accounts receivable turnover ratio in 2020 O 9.8 times O 10.7 times O 10.2 times O 9.73 times

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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