The following information is available: Net accounts receivable, December 31, 2015 $394,200 Net accounts receivable, December 31, 2016 $435,900 Net credit sales for 2015 $3,521,400 $3,795,300 Net credit sales for 2016 The receivables turnover ratio for 2016 is closest to: A. 8.93 times B. 8.48 times C. 8.71 times D. 9.14 times
The following information is available: Net accounts receivable, December 31, 2015 $394,200 Net accounts receivable, December 31, 2016 $435,900 Net credit sales for 2015 $3,521,400 $3,795,300 Net credit sales for 2016 The receivables turnover ratio for 2016 is closest to: A. 8.93 times B. 8.48 times C. 8.71 times D. 9.14 times
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 12MC: South Rims has an accounts receivable balance at the end of 2018 of $357,470. The net credit sales...
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Transcribed Image Text:The following information is available:
Net accounts receivable, December 31, 2015 $394,200
Net accounts receivable, December 31, 2016 $435,900
Net credit sales for 2015
$3,521,400
$3,795,300
Net credit sales for 2016
The receivables turnover ratio for 2016 is closest to:
A. 8.93 times
B. 8.48 times
C. 8.71 times
D. 9.14 times
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