Lasiter Corp

Multiple Choice

Lasiter Corp.reported net credit sales of $2,000,000 and cost of goods sold of $1,400,000 for 2017.On January 1,2017,accounts receivable was $250,000.Amounts owed by customers increased by $20,000 during 2017.Rounding to two decimal places,what is Lasiter's accounts receivable turnover ratio for 2017?

A) 8.33
B) 8.00
C) 7.69
D) 7.41