1. ABC companys records included the following, assume 365 days in a year:

   Accounts Receivable, 12/31/20 $ 860,000

   Accounts Receivable, 12/31/19 780,000

   Merchandise Inventory, 12/31/20 900,000

   Merchandise Inventory, 12/31/19 800,000

   Net Sales during 2020 8,364,000

   Cost of Sales during 2020 5,950,000

   Compute Solomons accounts receivable turnover ratio in 2020

   		10.2 times
   		9.8 times
   		9.73 times
   		10.7 times