What is the receivables turnover ratio

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Reference no: EM133157702

Question - Vaughn Garden Supplies reported the following information for 2021 and 2022.

 

2022

2021

Assets

 

 

Cash

$50000

$44000

Accounts receivable

39000

28000

Inventory

30000

21000

Property, plant, and equipment

243000

209000

Total assets

$362000

$302000

Liabilities and Shareholders' Equity

 

 

Current liabilities

$61000

$62000

Non-current liabilities

112000

93000

Shareholders' equity - common

189000

147000

Total liabilities and shareholders' equity

$362000

$302000

 

Statement of income for 2022

Sales

$113900

Cost of goods sold

40000

Gross profit

73900

Operating expenses

19000

Income before income tax

54900

Income tax expense

4900

Net income

$50000

Required - What is the receivables turnover ratio for 2022?

Reference no: EM133157702

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