Lashkova Company had accounts receivable of $100,000 on January 1, 2014. The only transactions that affected accounts receivable during 2014 were net credit sales of $1,000,000, cash collections of $920,000, and accounts written off of $30,000.
(a) Compute the ending balance of accounts receivable.
Ending balance of accounts receivable $
(b) Compute the accounts receivable turnover ratio for 2014.