Lasiter Corp

question 29

Multiple Choice

Lasiter Corp.reported net credit sales of $2,000,000 and cost of goods sold of $1,400,000 for 2014.On January 1, 2014, accounts receivable was $250,000.Amounts owed by customers increased by $20,000 during 2014.Rounding to two decimal places, what is Lasiter's accounts receivable turnover rate for 2014?

• A)8.33
• B)8.00
• C)7.69
• D)7.41

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