A company reported a receivables turnover ratio of 8.0. Cost of goods sold was $350,000 and net sales were $480,000. The average accounts receivable must have been $90,000 $45,000 correct $60,000 $120,000 Receivables turnover ratio = Net sales/Average net receivables

A company reported a receivables turnover ratio of 8.0. Cost of goods sold was $350,000 and net sales were $480,000. The average accounts receivable must have been

	$90,000
	$45,000
	$60,000
	$120,000

Receivables turnover ratio = Net sales/Average net receivables