Based on the following data, what is the accounts receivable turnover? Line Item Description Amount Sales on account during year $437,061 Cost of goods sold during year 206,268 Accounts receivable, beginning of year 46,698 Accounts receivable, end of year 45,197 Inventory, beginning of year 93,276 Inventory, end of year 109,687
Based on the following data, what is the accounts receivable turnover? Line Item Description Amount Sales on account during year $437,061 Cost of goods sold during year 206,268 Accounts receivable, beginning of year 46,698 Accounts receivable, end of year 45,197 Inventory, beginning of year 93,276 Inventory, end of year 109,687
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Based on the following data, what is the
| Line Item Description | Amount |
|---|---|
| Sales on account during year | $437,061 |
| Cost of goods sold during year | 206,268 |
| Accounts receivable, beginning of year | 46,698 |
| Accounts receivable, end of year | 45,197 |
| Inventory, beginning of year | 93,276 |
| Inventory, end of year | 109,687 |
Expert Solution
Step 1: Define Ratios -
The ratio is the technique used by the prospective investor or an individual or strategist to read the company information in more detailed accurate ways.
The ratio immediately determines the liquidity, profitability, and solvency of the company.
By using ratio analysis comparison between two companies can also be done very easily and accurately.
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