Rockland Ltd. revealed the following information for the years ending December 31, 2023 and 2022: 2023 2022 Current Assets Cash Accounts Receivable Inventory Prepaid expenses Total Current Assets Current Liabilities Net Credit Sales $3,000 49,500 375,000 800 $428,300 $280,000 $480,000 $3,350 59,800 333,250 800 $397,200 $245,000 $451,000 Calculate the Account receivables turnover ratio for 2023 (use 2 decimals)
Rockland Ltd. revealed the following information for the years ending December 31, 2023 and 2022: 2023 2022 Current Assets Cash Accounts Receivable Inventory Prepaid expenses Total Current Assets Current Liabilities Net Credit Sales $3,000 49,500 375,000 800 $428,300 $280,000 $480,000 $3,350 59,800 333,250 800 $397,200 $245,000 $451,000 Calculate the Account receivables turnover ratio for 2023 (use 2 decimals)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Rockland Ltd. revealed the following information for the years ending December 31, 2023 and 2022:
2023
2022
Current Assets
Cash
Accounts Receivable
Inventory
Prepaid expenses
Total Current Assets
Current Liabilities
Net Credit Sales
$3,000
49,500
375,000
800
$428,300
$280,000
$480,000
$3,350
59,800
333,250
800
$397,200
$245,000
$451,000
Calculate the Account receivables turnover ratio for 2023 (use 2 decimals)
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