Maloney Company Had Net Credit Sales During the Year of ₤1,800,000

question 123

Multiple Choice

Maloney Company had net credit sales during the year of ₤1,800,000 and cost of goods sold of ₤1,200,000. The balance in accounts receivable at the beginning of the year was ₤120,000, and the end of the year it was ₤180,000. What was the accounts receivable turnover ratio?

• A) 7.5
• B) 10.0
• C) 12.0
• D) 15.0

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Definitions:

Hypothecated

Hypothecated refers to assets that are pledged as collateral for a loan without transferring title or possession to the lender, often used in secured loans.

Loan

A financial agreement in which one party lends money to another, which is then required to repay the amount along with interest over a predetermined period.

Financial Assets

Assets that derive value because they represent a claim on future cash flows or other financial benefits, such as stocks, bonds, or bank deposits.

Mutual Fund

An investment vehicle made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments, and other assets.