Parr Hardware Store Had Net Credit Sales of $8,000,000 and Cost

question 57

Multiple Choice

Parr Hardware Store had net credit sales of $8,000,000 and cost of goods sold of $5,000,000 for the year. The Accounts Receivable balances at the beginning and end of the year were $600,000 and $700,000, respectively. The accounts receivable turnover was

• A) 7.7 times.
• B) 4.6 times.
• C) 11.4 times.
• D) 12.3 times.

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Definitions:

Oligopoly

A market structure characterized by a small number of firms dominating the market, leading to limited competition.

Secondary Labour Market

Refers to jobs characterized by low pay, job insecurity, limited career prospects, and minimal benefits, often contrasted with the 'primary' market which offers better employment conditions.

Interlocking Directorates

Are formed when an individual sits on the board of directors of two or more non-competing companies.

Conglomerates

Are large corporations that operate in several industries at the same time.