Oriole Company had a balance in the Accounts Receivable account of $778000 at the beginning of...
Oriole Company had a balance in the Accounts Receivable account of $778000 at the beginning of the year and a balance of $852000 at the end of the year. Net credit sales during the year amounted to $4075000. The accounts receivable turnover was
A_
| 5.0 times. |
B_
| 4.8 times. |
C_
| 5.2 times. |
D_
| 2.5 times. |
Homework Answers
The correct answer is A) 5.0 times.
Supporting explanations:
Accounts Receivable Turnover Ratio = Net Credit Sales / Average Accounts Receivable
Average Accounts Receivable = (Beginning balance of Accounts Receivable + Ending balance of Accounts Receivable) / 2
= ($778,000 + $852,0000 / 2
= $815,000
Accounts Receivable Turnover Ratio = $4,075,000 / $815,000
= 5.0 times
Therefore, accounts receivable turnover ratio is 5.0 times, hence, the correct answer is A) 5.0 times.
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