Universal Sports Supply began the year with an accounts receivable balance of $120,000 and a year- end balance of $140,000. Credit sales of $620,000 generate a gross profit of $240,000. Calculate the receivables turnover ratio for the year.

Universal Sports Supply began the year with an accounts receivable balance of $120,000 and a year- end balance of $140,000. Credit sales of $620,000 generate a gross profit of $240,000. Calculate the receivables turnover ratio for the year.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

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Calculate the receivable turnover ratio for the year on these accounting question

Universal Sports Supply began the year with an
accounts receivable balance of $120,000 and a year-
end balance of $140,000. Credit sales of $620,000
generate a gross profit of $240,000. Calculate the
receivables turnover ratio for the year.

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