A Company had net sales of $23,000, and its average account receivables were $5,700. Its accounts receivable turnover is 0.24.
Answer the following statement true (T) or false (F)
False
Accounts Receivable Turnover = Net Sales/Average Accounts Receivable
Accounts Receivable Turnover = $23,000/$5,700 = 4.0
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Exhibit 20-4 On January 1, 2016, Average Leasing Company entered into a direct financing lease with a lessee, Lenny Company. The lease agreement calls for five equal annual payments of $75,000 at the beginning of each year with the first payment due on January 1, 2016. The leased property has an estimated residual value of $10,000, which Lenny does not guarantee. The property remains the property
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