FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following data are taken from
the financial statements of
Pharaoh Company.
2022 2021
Accounts receivable (net), end of
year $570,000 $495,000
Net sales on account 3,940,500
3,053,500
Terms for all sales are 1/10, n/45
Compute for each year the
accounts receivable turnover. At
the end of 2020, accounts
receivable was $575,500. (Round
answers to 1 decimal place, e.g.
1.6.)
2022 2021
Accounts receivable turnover ()
times () times
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Transcribed Image Text:The following data are taken from the financial statements of Pharaoh Company. 2022 2021 Accounts receivable (net), end of year $570,000 $495,000 Net sales on account 3,940,500 3,053,500 Terms for all sales are 1/10, n/45 Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable was $575,500. (Round answers to 1 decimal place, e.g. 1.6.) 2022 2021 Accounts receivable turnover () times () times
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