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citycyborg citycyborg
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A month ago
The 2020, 2021, and 2022 partial balance sheets for Ottoman Manufacturing Company appear below.

​​202020212022
Current assets​​​
  Cash$  20,000$  16,000$  14,000
  Accounts receivable, net28,00020,00024,000
  Inventory    22,000    30,000    28,000
Total current assets70,00066,00066,000
Plant & equipment, net    62,000    60,000    40,000
Total assets$132,000$126,000$106,000

Net credit sales for Ottoman were $126,000 for 2020, $120,000 for 2021 and $114,000 for 2022, while cost of goods sold was $84,000 for 2020, $82,400 for 2021 and $72,500 for 2022.

What is the accounts receivable turnover for 2021?

▸ 4.61 times

▸ 3.75 times

▸ 6.00 times

▸ 5.00 times
Textbook 
Managerial Accounting

Managerial Accounting


Edition: 4th
Author:
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EM81607EM81607
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A month ago
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More solutions for this book are available here
5.00 times

$120,000 ÷ [($28,000 + $20,000) ÷ 2] = 5.00 times
1

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