The Following Information Is from the Annual Financial Statements of Duke

question 69

Essay

The following information is from the annual financial statements of Duke Company.
$\begin{array}{llr} &2014&2013&2012\\ \text { Net sales } &\$385,000&\$308,000&\$255,000\\ \text {Accounts receivable, net (year-end) } &57,500&54,000&44,700\end{array}$


Calculate the accounts receivable turnover ratio for 2013 and 2014.

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Definitions:

IRS Approved

Indicates that a financial arrangement or practice has been sanctioned or recognized by the Internal Revenue Service.

Defined Benefit Pension Plan

A retirement plan where employee benefits are calculated on a formula including salary history and duration of employment, with the employer bearing investment risk.

Pension Plan Asset

The resources set aside to meet future pension obligations, including investments and other assets.

IFRS

International Financial Reporting Standards is a set of accounting standards developed by the International Accounting Standards Board (IASB) that is applied globally.