Where is Alfie Now Co. shows these selected account balances at...
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Accounting
Where is Alfie Now Co. shows these selected account balances at December 31, 2021: Account Balance Accounts receivable, average for the year $ 50,000 Inventory $ 20,000 Cash $ 22,000 Accounts payable, average for the year $ 40,000 Loan payable -- due in 3 years $ 30,000 Sales revenue - 75% on credit, 25% in cash $ 800,000 Interest revenue $ 75,000 Cost of goods sold $ 350,000 Required: Calculate the accounts receivable turnover ratio: The formula is:= sales on credit average accounts receivable
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