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Espat Corp. reported net sales (all on credit) of $1,600,000 and cost of goods sold...

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Accounting

Espat Corp. reported net sales (all on credit) of $1,600,000 and cost of goods sold of $1,100,000 for 2015. Its beginning balance of Accounts Receivable was $150,000. The accounts receivable balance decreased by $10,000 during 2015. Rounded to two decimal places, what is Espat's accounts receivable turnover rate for 2015?

a. 10.32
b. 10.67
c. 11.03
d. 7.59

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