If a company's accounts receivable turnover ratio is 8.0 times, cost of goods sold is $360,000, and sales revenue is $480,000, the average accounts receivable balance must have been

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Accounts receivable turnover ratio = Sales revenue / Average accounts receivable balance8.0 = 480,000 / Average accounts receivable balanceAverage accounts receivable balance = 480,000 / 8.0 = $60,000

If a Company's Accounts Receivable Turnover Ratio Is 8