Financial Accounting: Receivables Turnover Ratio?

Question

The Treadwell Tire Company had net accounts receivable of $67,500 at the beginning of the year and $72,600 at the end of the year. If the company's net sales revenue during the year was $880,875, what is the receivables turnover ratio?

0.0795 times.
12.13 times.
12.57 times.
0.0058 times.

Answer 1

Account Receivables Turnover Ratio = Net Credit Sales / Average Accounts Receivable

 

Thus:  $880,875 / (67,500 + 72,600)/2

Thus:  $880,875 / (140,100)/2

Thus:  $880,875 / 70,050

Thus:  ~12.57 which is the solution

 

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