Chadwick Company's sales for Year 1 were $8,700,000.The ending balance of accounts receivable was $801,000 at the end of the year.During Year 1,Chadwick collected $8,400,000 on its accounts receivable.The accounts receivable turnover ratio for the year was 10.5.

Question

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Accounts receivable turnover ratio = Sales of $8,700,000 ÷ Accounts receivable of $801,000 = 10.9

Chadwick Company's Sales for Year 1 Were $8,700,000