QUESTION 1

Waterway Clothing Store had net accounts receivable of $820000 at the beginning of the year and $800000 at the end of the year. Net credit sales during the year amounted to $7614000. The accounts receivable turnover ratio was

A) 9.1 times.

B) 9.5 times.

C) 9.4 times.

D) 9.3 times.

QUESTION 2

If the average collection period is 5.00 days, what is the accounts receivable turnover?

A) 0.5 times

B) 73.0 times

C) 1.2 times

D) None of these