Gold Clothing Store Had a Balance in the Accounts Receivable

question 54

Multiple Choice

Gold Clothing Store had a balance in the Accounts Receivable account of ₤920,000 at the beginning of the year and a balance of ₤980,000 at the end of the year. Net credit sales during the year amounted to ₤7,600,000. The accounts receivable turnover ratio was

• A) 8.0 times.
• B) 8.4 times.
• C) 7.8 times.
• D) 8.3 times.

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Definitions:

U-Shaped Valleys

Valleys characterized by steep sides and a rounded bottom, formed by the erosion of mountain glaciers.

Sharp Peaks

Pointed mountaintops or summit areas characterized by steep slopes and rugged terrain.

Sharp Ridges

Narrow, elongated, and often steep landforms that are formed by the erosion of geological processes, especially in mountainous regions.

Terminal Moraine

A moraine that forms at the farthest point reached by a glacier or ice sheet, marking its maximum advance.