Norwood Company reported a receivables turnover ratio of 8.0. Cost of goods sold was $700,000 and net sales revenue was $960,000. The average net receivables must have been: Multiple Choice $240,000. $90,000. $120,000. $180,000.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Norwood Company reported a receivables turnover ratio of 8.0. Cost of goods sold was $700,000 and net sales revenue was $960,000. The average
net receivables must have been:
Multiple Choice
$240,000.
$90,000.
$120,000.
$180,000.
Transcribed Image Text:Norwood Company reported a receivables turnover ratio of 8.0. Cost of goods sold was $700,000 and net sales revenue was $960,000. The average net receivables must have been: Multiple Choice $240,000. $90,000. $120,000. $180,000.
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