Modern Clothing Store reported the following selected items at June 30,2019 (previous year - 2018 - amounts are also given as needed):
Compute Modern's accounts receivable turnover ratio for the year ending June 30,2019.Show your computations.(Round the answer to 2 decimal places. )
Definitions:
Straight-Line Method
A method of allocating an asset's cost evenly throughout its useful life for purposes of depreciation.
Salvage Value
The expected resale price of an asset at the termination of its functional life.
Depreciation Rate
The percentage rate at which an asset loses its value over time, typically used for accounting or tax purposes.
Monthly Depreciation
The apportionment of the cost of an asset over its useful life on a monthly basis.
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