Given the following financial data for company XYZ, calculate their accounts receivable turnover assuming 75% of...
Given the following financial data for company XYZ, calculate their accounts receivable turnover assuming 75% of their sales are on account.
Enter your answer as a number with two places of precision (i.e. 1.23).
Homework Answers
accounts receivable turnover = Net credit sales/ Average receivables
Net credit sales = 42000*75% = 31500
Average receivables = (6000 +1500)/2 = 3750
accounts receivable turnover = 31500/3750 = 8.40 times
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