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:

Reptile Group

A category of ectothermic, vertebrate animals primarily characterized by their ability to lay eggs on land and having scales or scutes.

Birds

A group of endothermic vertebrates characterized by feathers, beaks without teeth, laying of hard-shelled eggs, a high metabolic rate, a four-chambered heart, and a strong yet lightweight skeleton.

Amniote

Vertebrate whose egg has waterproof membranes that allow the embryo to develop away from water; a reptile, bird, or mammal.

Amphibians

Cold-blooded vertebrates that typically begin life in water with gills and metamorphose, developing lungs to live both in water and on land.