Question

The following information is available:


Net accounts receivable, December 31, 2015 $ 394,200
Net accounts receivable, December 31, 2016 435,900
Net credit sales for 2015 3,521,400
Net credit sales for 2016 3,795,300

The receivables turnover ratio for 2016 is closest to:

A) 8.93 times

B) 8.48 times

C) 8.71 times

D) 9.14 times

Answer

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