Athletic Gear Co. began the year with an accounts receivable balance of $85,000 and a year-end balance of $115,000. Credit sales of $560,000 generate a gross profit of $210,000. Calculate the receivables turnover ratio for the year.

Athletic Gear Co. began the year with an accounts receivable balance of $85,000 and a year-end balance of $115,000. Credit sales of $560,000 generate a gross profit of $210,000. Calculate the receivables turnover ratio for the year.

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 27BEB: Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had...

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General accounting question

Athletic Gear Co. began the year with an accounts receivable balance of
$85,000 and a year-end balance of $115,000. Credit sales of $560,000 generate
a gross profit of $210,000. Calculate the receivables turnover ratio for the year.

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