Reference no: EM132647619

Modern Clothing Store reported the following selected items at June 30, 2019 (previous year - 2018 - amounts are also given as needed):

Cash $80,000

Accounts Receivable, net:

June 30, 2019 45,000
June 30, 2018 53,000
Accounts Payable 55,000
Cost of Goods Sold 288,000

Merchandise Inventory

June 30, 2019 70,000
June 30, 2018 90,000
Net Credit Sales Revenue 480,000
Long-Term Assets 220,000
Long-Term Liabilities 140,000
Other Current Assets 150,000
Other Current Liabilities 130,000
Short-term Investments 40,000

Problem 1: Compute Modern's accounts receivable turnover ratio for the year ending June 30, 2019. Show your computations. (Round the answer to 2 decimal places.)