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Modern Clothing Store Reported the Following Selected Items at June

Question 222

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Modern Clothing Store reported the following selected items at June 30,2019 (previous year - 2018 - amounts are also given as needed):
 Cash $80,000 Accounts Receivable, net:  June 30,201945,000 June 30,201853,000 Accounts Payable 55,000 Cost of Goods Sold 288,000 Merchandise Inventory  June 30,201970,000 June 30,201890,000 Net Credit Sales Revenue 480,000 Long-Term Assets 220,000 Long-Term Liabilities 140,000 Other Current Assets 150,000 Other Current Liabilities 130,000 Short-term Investments 40,000\begin{array}{|l|r|}\hline\text { Cash } & \$ 80,000 \\\hline \text { Accounts Receivable, net: } & \\\text { June } 30,2019 & 45,000 \\\text { June } 30,2018 & 53,000 \\\hline \text { Accounts Payable } & 55,000 \\\hline \text { Cost of Goods Sold } & 288,000 \\\hline \text { Merchandise Inventory } & \\\text { June } 30,2019 & 70,000 \\\text { June } 30,2018 & 90,000 \\\hline \text { Net Credit Sales Revenue } & 480,000 \\\hline \text { Long-Term Assets } & 220,000 \\\hline \text { Long-Term Liabilities } & 140,000 \\\hline \text { Other Current Assets } & 150,000 \\\hline \text { Other Current Liabilities } & 130,000 \\\hline \text { Short-term Investments } & 40,000\\\hline\end{array} Compute Modern's accounts receivable turnover ratio for the year ending June 30,2019.Show your computations.(Round the answer to 2 decimal places.)

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