Norwood Company reported a receivables turnover ratio of 9.4. Cost of goods sold was $420,000 and net sales revenue was $695,600. The average net receivables must have been: Multiple Choice $148,000. $111,000. $55,500. $74,000,

Norwood Company reported a receivables turnover ratio of 9.4. Cost of goods sold was $420,000 and net sales revenue was $695,600. The average net receivables must have been: Multiple Choice $148,000. $111,000. $55,500. $74,000,

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Norwood Company reported a receivables turnover ratio of 9.4. Cost of goods sold was $420,000 and net sales revenue was $695,600. The average net
receivables must have been:
Multiple Choice
$148,000.
$111,000.
$55,500.
$74,000,

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