Information from the current income statement of Coffey Corp follows:
$\begin{array}{|l|r|}
\hline \text { Sales } & \$ 640,000 \
\hline \text { Gross profit on sales } & 276,000 \
\hline \text { Operating income } & 64,000 \
\hline \text { Income before taxes } & 44,000 \
\hline \text { Profit } & 33,600 \
\hline
\end{array}$ If the company's January 1,accounts receivable were $78,000 and its December 31,accounts receivable were $90,000,what was the company's accounts receivable turnover?

Question

Information from the current income statement of Coffey Corp follows:
 $\begin{array}{|l|r|}
\hline \text { Sales } & \$ 640,000 \
\hline \text { Gross profit on sales } & 276,000 \
\hline \text { Operating income } & 64,000 \
\hline \text { Income before taxes } & 44,000 \
\hline \text { Profit } & 33,600 \
\hline
\end{array}$ If the company's January 1,accounts receivable were $78,000 and its December 31,accounts receivable were $90,000,what was the company's accounts receivable turnover?

Quizplus · Accepted Answer

The Answer of Information from the current income statement of Coffey Corp follows:
 $\begin{array}{|l|r|}
\hline \text { Sales } & \$ 640,000 \
\hline \text { Gross profit on sales } & 276,000 \
\hline \text { Operating income } & 64,000 \
\hline \text { Income before taxes } & 44,000 \
\hline \text { Profit } & 33,600 \
\hline
\end{array}$ If the company's January 1,accounts receivable were $78,000 and its December 31,accounts receivable were $90,000,what was the company's accounts receivable turnover?

Information from the Current Income Statement of Coffey Corp Follows