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Fact Pattern: Tucker Corporation had the following financial statements for the years ended December 31, Year 2, and December 31, Year 1: Year 2 Operations
Fact Pattern: Tucker Corporation had the following financial statements for the years ended December 31, Year 2, and December 31, Year 1: Year 2 Operations Cash sales $ 5,630 Credit sales 20,000 Sales returns (all from credit sales) 3,620 Cost of goods sold 15,000 Selling expenses 1,200 Administrative expenses 1,500 Selected Account Balances December 31 Year 2 Year 1 Inventory $ 5,000 $ 4,500 Accounts receivable (net) 1,000 950 Fixed assets 20,000 15,000 Available-for-sale securities 2,000 1,800 What is Tucker Corporation's accounts receivable turnover ratio for Year 2? O 20.5 O 3.4 16.8 O 16.4
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