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Meridian Inc. had net credit sales during the year of $2,400,000 and a cost of goods sold of $1,600,000. The balance in accounts receivable at the beginning of the year was $320,000, and at the end of the year, it was $280,000. What was the accounts receivable turnover? A. 6.4 B. 8 C. 7.5 D. 5.3

Meridian Inc. had net credit sales during the year of $2,400,000 and a cost of goods sold of $1,600,000. The balance in accounts receivable at the beginning of the year was $320,000, and at the end of the year, it was $280,000. What was the accounts receivable turnover? A. 6.4 B. 8 C. 7.5 D. 5.3

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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Meridian Inc. had net credit sales during the year of $2,400,000 and a cost of goods sold of $1,600,000. The balance in accounts receivable at the beginning of the year was $320,000, and at the end of the year, it was $280,000. What was the accounts receivable turnover? A. 6.4 B. 8 C. 7.5 D. 5.3
Transcribed Image Text:Meridian Inc. had net credit sales during the year of $2,400,000 and a cost of goods sold of $1,600,000. The balance in accounts receivable at the beginning of the year was $320,000, and at the end of the year, it was $280,000. What was the accounts receivable turnover? A. 6.4 B. 8 C. 7.5 D. 5.3
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