Caraway Company's Net Accounts Receivable Was $300,000 at December 31,2012

question 62

Essay

Caraway Company's net accounts receivable was $300,000 at December 31,2012 and $450,000 at December 31,2013.Net cash sales for 2008 were $425,000.The accounts receivable turnover for 2013 was 7.0,and this turnover figure was computed from net credit sales for the year.
Required:
What were Caraway's total net sales for 2013? 

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Definitions:

Fair Value

An estimation of the market value of an asset or liability based on the assumptions market participants would use when pricing the asset or liability.

Derivatives

Financial instruments whose value is derived from the value of one or more underlying assets or indices.

Hedges

Financial strategies or instruments used to offset potential losses or gains in another investment or position.

Market Rate

The prevailing interest rate or cost of borrowing in the financial markets, or the standard price in the marketplace for a certain good or service.