2A2M LANCASTER INC. HAD NET ACCOUNTS RECEIVABLE OF $168,000 AND $147,...

59.

CSO: 2A2c

LOS: 2A2m

Lancaster Inc. had net accounts receivable of $168,000 and $147,000 at the beginning

and end of the year, respectively. The company’s net income for the year was $204,000

on $1,700,000 in total sales. Cash sales were 6% of total sales. Lancaster’s average

accounts receivable turnover ratio for the year is

a.

9.51.

b.

10.15.

c.

10.79.

d.

10.87.