The Financial Statements of the Phelps Manufacturing Company Reports Net

question 136

Multiple Choice

The financial statements of the Phelps Manufacturing Company reports net sales of $500,000 and accounts receivable of $80,000 and $40,000 at the beginning of the year and end of year, respectively. What is the accounts receivable turnover for Phelps?

• A) 8.3 times
• B) 12.5 times
• C) 6.3 times
• D) 4.2 times

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