Calculate the Average Accounts Receivable, the AccountsReceivable Turnover Ratio, and the Accounts Receivable Turnover inDays
Last year, Laurel, Inc. had net sales of $9,288,000 and cost ofgoods sold of $4,812,000. Laurel had the following balances:
January 1
December 31
Accounts receivable
$725,000
$775,000
Inventories
450,000
425,000
Required:
Note: Round answers to one decimal place. Assume 365days per year.
1. Calculate the average accountsreceivable.$
2. Calculate the accounts receivable turnoverratio.times
3. Calculate the accounts receivable turnoverin days.days
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