Pine Hardware Store had net credit sales of $6,500,000 and cost of goods sold of $5,000,000 for the year. The Accounts Receivable balances at the beginning and end of the year were $600,000 and $700,000, respectively. The receivables turnover was 10 times. O 9.3 times. 7.7 times. O 10.8 times.

Pine Hardware Store had net credit sales of $6,500,000 and cost of goods sold of $5,000,000 for the year. The Accounts Receivable balances at the beginning and end of the year were $600,000 and $700,000, respectively. The receivables turnover was 10 times. O 9.3 times. 7.7 times. O 10.8 times.

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

Pine Hardware Store had net credit
sales of $6,500,000 and cost of
goods sold of $5,000,000 for the
year. The Accounts Receivable
balances at the beginning and end of
the year were $600,000 and
$700,000, respectively. The
receivables turnover was
10 times.
9.3 times.
O 7.7 times.
10.8 times.

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