Excerpts from Huckabee Company's December 31, 2018 and 2017, financial statements are presented below: 2018 2017...
Excerpts from Huckabee Company's December 31, 2018 and 2017, financial statements are presented below: 2018 2017 Accounts receivable $ 94,000 $ 86,000 Merchandise inventory 72,000 86,000 Net sales 414,000 386,000 Cost of goods sold 254,000 234,000 Huckabee's 2018 receivables turnover (rounded to 2 decimal places) is:
Homework Answers
Average AR=(Beginning AR+Ending AR)/2
=(94000+86000)/2=$90,000
AR turnover=Credit sales/Average AR
=(414000/90000)
=4.6 times
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