Steinkraus Corporation has provided the following data: This Year Last Year Accounts receivable $104,000 $115,000 Inventory $195,000 $174,000 Sales on account $886,000 Cost of goods sold $622,000 Compute the accounts receivable turnover for this year.

Steinkraus Corporation has provided the following data: This Year Last Year Accounts receivable $104,000 $115,000 Inventory $195,000 $174,000 Sales on account $886,000 Cost of goods sold $622,000 Compute the accounts receivable turnover for this year.

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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Question

Please explain the solution to this general accounting problem with accurate principles.

Steinkraus Corporation has provided the following data:
This Year Last Year
Accounts receivable $104,000 $115,000
Inventory
$195,000 $174,000
Sales on account
$886,000
Cost of goods sold
$622,000
Compute the accounts receivable turnover for this year.

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