CMA Pop Quiz: Are you preparing for the #CMA exam? Take our #CMAPopQuiz!
Lancaster Inc. had net accounts receivable of $168,000 and $147,000 at the beginning and end of the year, respectively. The company's net income for the year was $204,000 on $1,700,000 in total sales. Cash sales were 6% of total sales. Lancaster's average accounts receivable turnover ratio for the year is
a. 9.51.
b. 10.15.
c. 10.79.
d. 10.87.
Check back for the answer at the end of the day!
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Christine Purelis
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