XYZ's receivables turnover is 10x. The accounts receivable at year-end are $600,000. - 4660

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XYZ's receivables turnover is 10x. The accounts receivable at year-end are $600,000. The average collection period is 90 days (3 months). What was the sales figure for the year? 

A) $60,000 

B) $6,000,000 

C) $24,000,000 

D) none of the above 

 

Answer: B Difficulty: Hard Type: Application 

 

Solution Description