Following are the financial statements for Flynn Corporation for the year ended December 31,20x5.Assume that all balance sheet amounts represent both average and ending figures.
-What is the receivable turnover for this corporation? Round your answer to one decimal place.
A)4.0 times
B)3.0 times
C)2.4 times
D)0.9 times

Question

Following are the financial statements for Flynn Corporation for the year ended December 31,20x5.Assume that all balance sheet amounts represent both average and ending figures.  
-What is the receivable turnover for this corporation? Round your answer to one decimal place.
A)4.0 times 
B)3.0 times 
C)2.4 times 
D)0.9 times

Quizplus · Accepted Answer

Receivable turnover = Net credit sales / Average net accounts receivable = $1,200,000 / $300,000 = 4.0 times

Following Are the Financial Statements for Flynn Corporation for the Year