Please solve this question general accounting The following information is available:Net accounts receivable, December 31, 2023: $625,000Net accounts receivable, December 31, 2024: $675,000⚫ Net credit sales for 2024: $5,850,000The receivables turnover ratio for 2024 is closest to:A. 8.25 timesB. 9.00 timesC. 9.75 timesD. 10.50 times

Step 1: Definition of Receivables Turnover RatioThe receivables turnover ratio measures how…

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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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4. The following select financial statement information from Hogge Computing. Compute the accounts receivable turnover ratios and the number of days' sales in receivables ratios for 2021 and 2022 (round answers to two decimal places). Year 2020 2021 2022 2021: Net Credit Sales 2022: $1,557,200 $1,755,310 $1,965,170 Accounts Receivable Turnover Ratio: • Days' Sales: days Accounts Receivable Turnover Ratio: Days' Sales: days times times Ending Accounts Receivable $397,000 $465,200 $505,780
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Its. Problem 5 ACCOUNTS RECEIVABLE. The Rivers Company reports the following data relative to accounts receivable: teme 20X2 20X1 Average accounts receivable $ 400,000 S 416,000 Net credit sales $2,600,000 $3.100,000 The terms of sale are net 30 days. Requirement: Compute the accounts receivable turnover and the collection period. Assume a 365-day year. is, an
Calculate the Accounts Receivable Turnover for 2021 using the following information: Net Sales Beginning Accounts Receivable Ending Accounts Receivable 4.29 7.5 8.58 10.00 2021 $30,000 $4,000 $3,000
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The following data exists for Sandhill Company. 2020 2019 Accounts Receivable $60,000 $84,000 Net Sales 590,400 492,000 Calculate the accounts receivable turnover and the average collection period for accounts receivable in days for 2020. (Round account receivable turnover to 1 decimal place, e.g. 15.2 and average collection period to 0 decimal places, e.g. 15. Use 365 days for calculation.) Accounts receivable turnover enter a number of times rounded to 1 decimal place times Average collection period enter a number of days rounded to 0 decimal places days
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The following information is available: Net accounts receivable, December 31, 2023: $625,000 Net accounts receivable, December 31, 2024: $675,000 ⚫ Net credit sales for 2024: $5,850,000 The receivables turnover ratio for 2024 is closest to: A. 8.25 times B. 9.00 times C. 9.75 times D. 10.50 times