Phillips Company had $300,000 in sales on account last year.The beginning accounts receivable balance was $25,000 and the ending accounts receivable balance was $18,000.The company's accounts receivable turnover ratio was closest to

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Accounts receivable turnover ratio = Sales on account / Average accounts receivable

Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable) / 2

Average accounts receivable = ($25,000 + $18,000) / 2 = $21,500

Accounts receivable turnover ratio = $300,000 / $21,500 = 13.95

Phillips Company Had $300,000 in Sales on Account Last Year