Reference no: EM132585277
Britt Company
Selected data from Britt Company's financial statements are provided below.
2012 2011 2010
Cash $ 22,000 $ 14,000 $ 7,000
Accounts receivable 42,000 16,000 57,200
Inventory 22,000 83,000 50,000
Prepaid expenses 23,000 18,000 20,800
Total current assets 109,000 131,000 135,000
Total current liabilities$ 65,000 $ 72,000
Net credit sales 221,000 326,000
Cost of goods sold 168,000 299,000
Net cash flows from operating activities 16,000 29,000
Question 1: Refer to the selected financial data for Britt Company. Assume that competitors in Britt's industry have an average receivable turnover ratio of 7.8 times in 2012. Britt's receivable turnover ratio for 2012 is:
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