Question
Using the following financial statements: Balance Sheet as of December 31, 2013 Cash $ 35 Marketable securities 50 Accounts receivable 85 Inventory 150 Equipment 100
Using the following financial statements:
Balance Sheet as of December 31, 2013
Cash $ 35
Marketable securities 50
Accounts receivable 85
Inventory 150
Equipment 100
Buildings 200
Land 150
Total assets $ 770
Accounts payable $ 100
Wages payable 25
Long-term debt 145
Common stock 200
Retained earnings 300
Total liabilities and equity $ 770
Income Statement December 31st, 2013
Sales $1,950
Cost of goods sold 850
General, selling, and administration expenses 550
Interest 200 Earnings before taxes $ 350
Tax 150 Net income $ 200
the accounts receivable turnover ratio is closest to:
a- 14.4
b- 22.9
c- 34.1
d- 28.9
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