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What is the companys accounts receivable turnover ratio

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Reference no: EM132493318

Question 1 - On May 1, 2018, Fitz installed a $498,000 sound system for International Arena. Fitz agreed to accept a $495,000 six-month, noninterest bearing note due on November 1, 2018. Fitz prepares financial statements at the end of every calendar year. Fitz's journal entry to record the collection of the note plus accrued interest on November 1, 2018, will include a ________.

A. credit Note Receivable for $495,000

B. debit Interest Revenue for $3,000

C. credit Note Receivable for $498,000

D. credit Interest Revenue for $495,000

Question 2 - The following company information is available:

Average accounts receivable $300,000

Average inventories 150,000

Average accounts payable 100,000

Net sales 2,000,000

Cost of goods sold 1,800,000

Purchases 1,160,000

What is the company's accounts receivable turnover ratio? (Assume all sales are made on credit.)

A. 0

B. 54.7

C. 6

D. 6.7

Reference no: EM132493318

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