The following information is available: ⚫ Net accounts receivable, December 31, 2022: $280,000 . ⚫ Net accounts receivable, December 31, 2023: $320,000 ⚫ Net credit sales for 2023: $2,400,000 The receivables turnover ratio for 2023 is closest to: A. 7.25 times B. 7.50 times C. 8.00 times D. 8.25 times
The following information is available: ⚫ Net accounts receivable, December 31, 2022: $280,000 . ⚫ Net accounts receivable, December 31, 2023: $320,000 ⚫ Net credit sales for 2023: $2,400,000 The receivables turnover ratio for 2023 is closest to: A. 7.25 times B. 7.50 times C. 8.00 times D. 8.25 times
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 14MC: Ancient Grains Unlimited has an accounts receivable turnover ratio of 3.34 times. The net credit...
Related questions
Question
100%
Need help with this question solution general accounting
Transcribed Image Text:The following information is available:
⚫ Net accounts receivable, December 31, 2022: $280,000
.
⚫ Net accounts receivable, December 31, 2023: $320,000
⚫ Net credit sales for 2023: $2,400,000
The receivables turnover ratio for 2023 is closest to:
A. 7.25 times
B. 7.50 times
C. 8.00 times
D. 8.25 times
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College