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The following data are taken from the financial statements of Pharaoh Company. 2022 2021 Accounts receivable (net), end of year $570,000 $495,000 Net sales on account 3,940,500 3,053,500 Terms for all sales are 1/10, n/45 Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable was $575,500. (Round answers to 1 decimal place, e.g. 1.6.) 2022 2021 Accounts receivable turnover () times () times

The following data are taken from the financial statements of Pharaoh Company. 2022 2021 Accounts receivable (net), end of year $570,000 $495,000 Net sales on account 3,940,500 3,053,500 Terms for all sales are 1/10, n/45 Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable was $575,500. (Round answers to 1 decimal place, e.g. 1.6.) 2022 2021 Accounts receivable turnover () times () times

FINANCIAL ACCOUNTING
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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The following data are taken from the financial statements of Pharaoh Company. 2022 2021 Accounts receivable (net), end of year $570,000 $495,000 Net sales on account 3,940,500 3,053,500 Terms for all sales are 1/10, n/45 Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable was $575,500. (Round answers to 1 decimal place, e.g. 1.6.) 2022 2021 Accounts receivable turnover () times () times
Transcribed Image Text:The following data are taken from the financial statements of Pharaoh Company. 2022 2021 Accounts receivable (net), end of year $570,000 $495,000 Net sales on account 3,940,500 3,053,500 Terms for all sales are 1/10, n/45 Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable was $575,500. (Round answers to 1 decimal place, e.g. 1.6.) 2022 2021 Accounts receivable turnover () times () times
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