Kinder Company has these comparative balance sheet data: Kinder Company Balance Sheets December 31 Cash 2014 2013 $32,355 $64,710 Accounts receivable (net) $150,990 $129,420 Inventory $129,420 $107,850 Plant assets (net) $431,400 $388,260 $744,165 $690,240 Accounts payable $107,850 $129,420| Mortgage payable (15% ) $ 215,700 $215,700 Common stock, $10 par $301,980 $258,840 Retained earnings $118,635 $86,280 $744,165 $690,240 Additional information for 2014: 1. Net income was $34,300. 2. Sales on account were $391,200. Sales returns and allowances amounted to $29,900. 3. Cost of goods sold was $223,800. 4. Net cash provided by operating activities was $59,000. 5. Capital expenditures were $27,800, and cash dividends were $21,800. Compute the accounts receivable turnover on December 31, 2014.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Calculate 1 to 5 accounting

Kinder Company has these comparative balance sheet data:
Kinder Company
Balance Sheets
December 31
Cash
2014
2013
$32,355 $64,710
Accounts receivable (net) $150,990 $129,420
Inventory
$129,420 $107,850
Plant assets (net)
$431,400 $388,260
$744,165 $690,240
Accounts payable
$107,850 $129,420|
Mortgage payable (15% ) $ 215,700 $215,700
Common stock, $10 par $301,980 $258,840
Retained earnings
$118,635 $86,280
$744,165 $690,240
Additional information for 2014:
1. Net income was $34,300.
2. Sales on account were $391,200. Sales returns and allowances amounted to
$29,900.
3. Cost of goods sold was $223,800.
4. Net cash provided by operating activities was $59,000.
5. Capital expenditures were $27,800, and cash dividends were $21,800.
Compute the accounts receivable turnover on December 31, 2014.
Transcribed Image Text:Kinder Company has these comparative balance sheet data: Kinder Company Balance Sheets December 31 Cash 2014 2013 $32,355 $64,710 Accounts receivable (net) $150,990 $129,420 Inventory $129,420 $107,850 Plant assets (net) $431,400 $388,260 $744,165 $690,240 Accounts payable $107,850 $129,420| Mortgage payable (15% ) $ 215,700 $215,700 Common stock, $10 par $301,980 $258,840 Retained earnings $118,635 $86,280 $744,165 $690,240 Additional information for 2014: 1. Net income was $34,300. 2. Sales on account were $391,200. Sales returns and allowances amounted to $29,900. 3. Cost of goods sold was $223,800. 4. Net cash provided by operating activities was $59,000. 5. Capital expenditures were $27,800, and cash dividends were $21,800. Compute the accounts receivable turnover on December 31, 2014.
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