Homework answers / question archive / The following data extracted from the financial statements of AAA company for the year 2018: Net Income $75,000, Net credit sales $295,000, Inventory $59,000 and Account receivable $26,000

The following data extracted from the financial statements of AAA company for the year 2018: Net Income $75,000, Net credit sales $295,000, Inventory $59,000 and Account receivable $26,000

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The following data extracted from the financial statements of AAA company for the year 2018: Net Income $75,000, Net credit sales $295,000, Inventory $59,000 and Account receivable $26,000. In addition, the financial statements for the year 2017 showed that Current liabilities $47,000, Inventory $55,000, Account receivable $24,000 and Marketable securities $32,000. The Account receivable turnover ratio for the year 2018 is:

a.

11.35

b.

11.80

c.

12.30

d.

6.28