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.

---

Definitions:

Confucius

An ancient Chinese philosopher and educator, whose teachings emphasized personal and governmental morality, correctness of social relationships, justice, and sincerity.

Harmonious Interplay

The balanced and cooperative interaction or coordination among components or agents, leading to a pleasing or effective outcome.

David Hume

An 18th-century Scottish philosopher, historian, economist, and essayist known for his philosophical empiricism, skepticism, and naturalism.

Collective Judgment

The combined or group decision-making process, reflecting the consensus or majority view.