We are given the following information for the Pettit Corporation.
Sales (credit) $3,549,000
Cash 179,000
Inventory 911,000
Current liabilities 788,000
Asset turnover 1.40 times
Current ratio
2.95 times
Debt-to-assets ratio 40%
Receivables turnover 7 times
Current assets are composed of cash, marketable securities, accounts receivable, and inventory. Calculate the following balance sheet items.
a. Accounts receivable.