Allgood Pet Supplies reported net credit sales of $3,200,000 and cost of goods sold of $2,600,000 for the current year. On January 1, accounts receivable were $450,000. Amounts owed by customers increased by $50,000 during the current year. Rounding to two decimal places, what is the company's accounts receivable turnover rate for the current year?
Allgood Pet Supplies reported net credit sales of $3,200,000 and cost of goods sold of $2,600,000 for the current year. On January 1, accounts receivable were $450,000. Amounts owed by customers increased by $50,000 during the current year. Rounding to two decimal places, what is the company's accounts receivable turnover rate for the current year?
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 12MC: South Rims has an accounts receivable balance at the end of 2018 of $357,470. The net credit sales...
Related questions
Question
Allgood Pet Supplies reported net credit sales of $3,200,000 and cost of goods sold of $2,600,000 for the current year. On January 1, accounts receivable were $450,000. Amounts owed by customers increased by $50,000 during the current year. Rounding to two decimal places, what is the company's accounts receivable turnover rate for the current year?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning