Calculating the Average Accounts Receivable, the Accounts Receivable Turnover Ratio, and the Accounts Receivable Turnover in Days Last year, Laurel, Inc. had net sales of $9,420,000 and cost of goods sold of $4,812,000. Laurel had the following balances: January 1 December 31 Accounts receivable $725,000 $775,000 Inventory 450,000 425,000 Required:
Note: Round answers to one decimal place. Assume 365 days per year.
1. Calculate the average accounts receivable.
$
2. Calculate the accounts receivable turnover ratio.
times
3. Calculate the accounts receivable turnover in days.
days
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