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

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

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...

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