Millage Corporation Has Provided the Following Data Required:
Compute the Accounts Receivable Turnover for This Year

question 130

Essay

Millage Corporation has provided the following data:
$\begin{array}{rr}&\text { This Year } & \text { Last Year } \\\text {Accounts receivable }&\mathbf{\$ 1 4 5 , 0 0 0} & \$ 125,000 \\\text { Inventory}&\mathbf{\$ 1 2 6 , 0 0 0} & \$ 156,000 \\\text {Sales on account }&\mathbf{\$ 7 2 1 , 0 0 0} & \\\text {Cost of goods sold }&\mathbf{\$ 5 2 0 , 0 0 0} &\end{array}$
Required:
Compute the accounts receivable turnover for this year.Show your work!

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Definitions:

Common Law

The body of law derived from judicial decisions and customs, as opposed to statutes or written legislation.

Case Law

The body of past judicial decisions from courts establishing legal precedents for future cases.

Negotiation

The process of discussing something with another party to reach a mutually agreeable outcome or deal.

Coercion

The practice of persuading someone to do something by using force or threats.