Excerpts from Huckabee Company's December 31, 2018 and 2017, financial statements are presented below: 2018 2017 Accounts receivable $ 97,000 $ 89,000 Merchandise inventory 75,000 89,000 Net sales 417,000 389,000 Cost of goods sold 257,000 237,000 Huckabee's 2018 receivables turnover (rounded to 2 decimal places) is: 4.48. 4.30. 3.13. 2.76.

2.76 times

Explanation:

The computation of the account receivable turnover is shown below:

= Credit sales : average accounts receivable

where,

Average accounts receivable = (Opening balance of Accounts receivable + ending balance of Accounts receivable) : 2

= ($89,000 + $97,000) : 2

= $93,000

And, the net credit sale is $257,000

Now put these values to the above formula

So, the answer would be equal to

= $257,000 : $93,000

= 2.76 times