Union Corporation Reported Net Credit Sales of $2,500,000 and Cost

question 38

Multiple Choice

Union Corporation reported net credit sales of $2,500,000 and cost of goods sold of $1,800,000 for 2012. Its beginning balance of accounts receivable was $350,000. The accounts receivable balance decreased by $50,000 during 2012. Rounded to two decimal places, what is Union's accounts receivable turnover ratio for 2012?

• A) 7.69
• B) 7.14
• C) 8.33
• D) 11.03

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