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.