For its most recent year, River stone Enterprises had sales (all on credit) of $1,200,000 and cost of goods sold of $720,000. At the beginning of the year, its accounts receivable were $110,000 and its inventory was $200,000. At the end of the year, its accounts receivable were $140,000 and its inventory was $230,000. What is the accounts receivable turnover ratio for the year?

For its most recent year, River stone Enterprises had sales (all on credit) of $1,200,000 and cost of goods sold of $720,000. At the beginning of the year, its accounts receivable were $110,000 and its inventory was $200,000. At the end of the year, its accounts receivable were $140,000 and its inventory was $230,000. What is the accounts receivable 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 56P: The following selected information is taken from the financial statements of Arnn Company for its...

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