Magneto Company Had Net Credit Sales During the Year of $1,350,000

question 38

Multiple Choice

Magneto Company had net credit sales during the year of $1,350,000 and cost of goods sold of $810,000. The balance in accounts receivable at the beginning of the year was $180,000, and the end of the year it was $120,000. What was the accounts receivable turnover?

• A) 5.6
• B) 7.5
• C) 9.0
• D) 11.3

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Definitions:

Convergence

The coming together of different factors or phenomena to form a unified whole, or the ability of the eyes to move inward together to focus on an object.

Binocular Cues

Visual information taken in by two eyes that enable a sense of depth and three-dimensional perception.

Monocular Cues

Visual information that can be perceived with one eye alone and helps in judging depth and distance, including texture gradient, relative size, and motion parallax.

Dichromatic Cues

Visual information that helps in the perception of color, particularly in individuals with dichromacy, which is a form of color blindness featuring two instead of three cone cell types for color vision.