Millage Corporation Has Provided the Following Data Required:
Compute the Accounts Receivable Turnover for This Year

Millage Corporation has provided the following data:
$\begin{array}{rr}&\text { This Year } & \text { Last Year } \\\text {Accounts receivable }&\mathbf{\$ 1 4 5 , 0 0 0} & \$ 125,000 \\\text { Inventory}&\mathbf{\$ 1 2 6 , 0 0 0} & \$ 156,000 \\\text {Sales on account }&\mathbf{\$ 7 2 1 , 0 0 0} & \\\text {Cost of goods sold }&\mathbf{\$ 5 2 0 , 0 0 0} &\end{array}$
Required:
Compute the accounts receivable turnover for this year.Show your work!

Correct Answer:

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