20212020$ 88,000 $70,000Accounts receivableInventory93,00076,000Net sales (all credit)510,000380,000Cost of goods sold257,000223,000Total assets805,000760,000Total stockholders' equity510,000445,000Net income77,00056,000TPX Company's 2021 receivables turnover ratio is: (Round your answer to 1 decimal place.)

Formula: Receivables turnover ratio = ( Net credit sales / Average Accounts receivables )

Accounts receivable Inventory Net sales (all credit) Cost of goods sold Total assets Total stockholders' equity Net income 2021 2020 $70,000 $ 88,000 93,000 76,000 510,000 380,000 257,000 223,000 805,000 760,000 510,000 445,000 77,000 56,000

Accounts receivable Inventory Net sales (all credit) Cost of goods sold Total assets Total stockholders' equity Net income 2021 2020 $70,000 $ 88,000 93,000 76,000 510,000 380,000 257,000 223,000 805,000 760,000 510,000 445,000 77,000 56,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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