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

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...
icon
Related questions
Question

Please solve this question general accounting

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
Transcribed Image Text: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
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning