Exercise 8-14 (Part Level Submission) Lashkova Company had accounts receivable o

Question

Exercise 8-14 (Part Level Submission) Lashkova Company had accounts receivable of $106,800 on January 1, 2014. The only transactions that affected accounts receivable during 2014 were net credit sales of $1,586,800, cash collections of $1,498,200, and accounts written off of $34,400 ? (a) Your answer is correct. Compute the ending balance of accounts receivable Ending balance of accounts receivable 161,000 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 1 of 3 used Compute the accounts receivable turnover ratio for 2014. (Round answer to 2 decimal places, e.g. 2.50.) Accounts receivable turnover ratio

Explanation / Answer

accounts receivable turnover ratio = (net credit sales ) / average accounts receivable.

here,

average accounts receivable = (106,800+ 161,000) / 2

=>133,900.

accounts receivable turnover ratio = $1,586,800 / 133,900

=>11.85 times.

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