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Question
Corona Company's balance sheet accounts follow:
| At December 31 | 2014 | 2013 | 2012 |
| Assets | |||
| Cash | $25,868 | $31,163 | $31,182 |
| Accounts receivable, net | 78,034 | 53,995 | 41,152 |
| Merchandise inventory | 95,120 | 73,491 | 46,095 |
| Prepaid expenses | 8,330 | 8,099 | 3,429 |
| Plant assets, net | 241,854 | 218,932 | 199,542 |
| Total assets | $449,206 | $385,680 | $321,400 |
| Liabilities and Equity | |||
| Accounts payable | $108,058 | $67,135 | $42,849 |
| Long-term notes payable secured by mortgages on plant assets | 85,791 | 87,819 | 71,029 |
| Common stock, $10 par value | 162,500 | 162,500 | 162,500 |
| Retained earnings | 92,857 | 68,226 | 45,022 |
| Total liabilities and equity | $449,206 | $385,680 | $321,400 |
What is Corona Companys accounts receivable turnover ratio for 2013, assuming net sales for the period were $1,236,783?
A. 27.21
B. 25.99
C. 22.91
D. 30.05
E. 15.85
Answer
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