Steinkraus Corporation has provided the following data: This YearLast YearAccounts receivable, net$104,000 $115,000 Inventory$195,000 $174,000 Sales on account$886,000 Cost of goods sold$622,000 Required:Compute the accounts receivable turnover for this year. Show your work!
What will be an ideal response?
Accounts receivable turnover = Sales on account ÷ Average accounts receivable*
= $886,000 ÷ $109,500 = 8.09
*Average accounts receivable= ($104,000 + $115,000) ÷ 2 = $109,500
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