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d. $2,000 interest w rom the net income. 11. Amaco corporation had Accounts receivable balance of $80,000 and Inventory balance of $100,000 for the year
d. $2,000 interest w rom the net income. 11. Amaco corporation had Accounts receivable balance of $80,000 and Inventory balance of $100,000 for the year ended December 31, 20x4. Following are the financial statements for Amaco Corporation for the year ended December 31, 20x5. Flynn Corporation Balance Sheet December 31, 20x5 Assets Cash Marketable securities long-term Accounts receivable Inventory Long-term receivables Property, plant, and equipment Total assets $ 90,000 30,000 60,000 200,000 70,000 130.000 $580.000 Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Stockholders' equity Total liabilities and stockholders' equity $180,000 120.000 280.000 S580.000 Flynn Corporation Income Statement For the Year Ended December 31, 2005 Net sales Cost of goods sold Gross margin Operating expenses Income before income taxes Income taxes expense Net income $400,000 240.000 $160,000 40.000 $120,000 30.000 $ 90.000 What is the receivable turnover for this corporation? Round your answer to two decimal places. (Please show your computation in the blank space between #11 and #12 before you select the answer choice)
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