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Excerpts from Gerald Incorpoated's December 31, 2018 and 2017, financial statements are below: 2018 2017 Accounts receivable $ 40,000 $ 36,000 Merchandise inventory $ 28,000
Excerpts from Gerald Incorpoated's December 31, 2018 and 2017, financial statements are below:
|
| 2018 |
| 2017 |
| ||||||
| Accounts receivable | $ | 40,000 |
|
| $ | 36,000 |
| |||
| Merchandise inventory | $ | 28,000 |
|
|
| 35,000 |
| |||
| Net sales |
| 190,000 |
|
|
| 186,000 |
| |||
| Cost of goods sold |
| 114,000 |
|
|
| 108,000 |
| |||
| Total assets |
| 425,000 |
|
|
| 405,000 |
| |||
| Total shareholders' equity |
| 240,000 |
|
|
| 225,000 |
| |||
| Net income |
| 32,500 |
|
|
| 28,000 |
| |||
Gerald's 2018 receivables turnover is:
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