StJohn's Inc

question 61

Multiple Choice

St.John's Inc.reported accounts receivable on January 1, 2013, of $500,000 and on December 31, 2013, of $550,000.Sales for the year were $4,000,000.What is their accounts receivable turnover ratio for the year?

• A)7 times
• B)7.3 times
• C)7.6 times
• D)8.0 times

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Definitions:

Tax

An obligatory fiscal contribution or another form of assessment enacted by a governmental body on individuals or entities, aimed at generating revenue for government activities and public spending.

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, resulting in a stable market condition.

Supply Function

An economic formula that shows the relationship between the quantity of a good supplied and its price, often influenced by production costs and market competition.

Supply Function

A mathematical relationship that describes the quantity of a good or service that producers are willing to sell at various prices.