Question: The 5 ratio problems use the data below. What is the Accounts Receivable Turnover ratio as of December 3 1 , 2 0 2 0

The 5 ratio problems use the data below. What is the Accounts Receivable Turnover ratio as of December 31,2020? Answer to the nearest decimal point (for example, 120.5).
Balance as Of December 31st12/31/202012/31/2019Cash$200$600Accounts Receivable1,000800Inventory2,0001,600Total Current Assets3,2003,000Other Assets600400Total Assets$3,800$3,400Current Liabilities$1,600$2,200Other Liabilities1,200200Total Liabilities2,8002,400Stockholders' Equity1,0001,000Total Liabilities and S/H Equity$3,800$3,40012/31/2020Net Sales$4,500Cost of Goods Sold3,600Gross Profit900Selling, General & Admin. Expenses300Net Income$600

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!