Chadwick Company's sales for Year 1 were $8,700,000. The ending balance of accounts receivable was $801,000 at the end of the year. During Year 1, Chadwick collected $8,400,000 on its accounts receivable. The accounts receivable turnover ratio for the year was 10.5.
Answer the following statement true (T) or false (F)
False
Accounts receivable turnover ratio = Sales of $8,700,000 รท Accounts receivable of $801,000 = 10.9
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