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Apex Corporation reported net credit sales of $2,400,000 and cost of goods sold of $1,600,000 for the year. The accounts receivable balance was $280,000 at the beginning of the year and $320,000 at the end of the year. Calculate the accounts receivable turnover ratio.

Apex Corporation reported net credit sales of $2,400,000 and cost of goods sold of $1,600,000 for the year. The accounts receivable balance was $280,000 at the beginning of the year and $320,000 at the end of the year. Calculate the accounts receivable turnover ratio.

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....
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Apex Corporation reported net credit sales of $2,400,000 and cost of goods sold of $1,600,000 for the year. The accounts receivable balance was $280,000 at the beginning of the year and $320,000 at the end of the year. Calculate the accounts receivable turnover ratio.
Transcribed Image Text:Apex Corporation reported net credit sales of $2,400,000 and cost of goods sold of $1,600,000 for the year. The accounts receivable balance was $280,000 at the beginning of the year and $320,000 at the end of the year. Calculate the accounts receivable turnover ratio.
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