The following balance sheet information was provided by O'Connor Company: $\begin{array}{|l|r|r|}
\hline \text { Assets } & 2014 & 2013 \
\hline \text { Cash } & \$ 4,000 & \$ 2,000 \
\hline \text { Accounts receivable } & 15,000 & 12,000 \
\hline \text { Inventory } & \$ 35,000 & \$ 38,000 \
\hline
\end{array}$ Assuming that net credit sales for the year 2014 totaled $270,000, what is the company's most recent accounts receivable turnover?
A) 18 times
B) 20 times
C) 22.5 times
D) 7.7 times

Question

The following balance sheet information was provided by O'Connor Company: $\begin{array}{|l|r|r|}
\hline \text { Assets } &  2014  & 2013 \
\hline \text { Cash } & \$  4,000 & \$  2,000 \
\hline \text { Accounts receivable } &  15,000 &  12,000 \
\hline \text { Inventory } & \$  35,000 & \$  38,000 \
\hline
\end{array}$ Assuming that net credit sales for the year 2014 totaled $270,000, what is the company's most recent accounts receivable turnover?
A) 18 times
B) 20 times
C) 22.5 times
D) 7.7 times

Quizplus · Accepted Answer

The Answer of The following balance sheet information was provided by O'Connor Company: $\begin{array}{|l|r|r|}
\hline \text { Assets } &  2014  & 2013 \
\hline \text { Cash } & \$  4,000 & \$  2,000 \
\hline \text { Accounts receivable } &  15,000 &  12,000 \
\hline \text { Inventory } & \$  35,000 & \$  38,000 \
\hline
\end{array}$ Assuming that net credit sales for the year 2014 totaled $270,000, what is the company's most recent accounts receivable turnover?
A) 18 times
B) 20 times
C) 22.5 times
D) 7.7 times

The Following Balance Sheet Information Was Provided by O'Connor Company