Use the Following Information for Questions

question 24

Multiple Choice

Use the following information for questions.
The following data are provided:

Additional information:
Depreciation included in cost of goods sold and operating expenses is $305,000.On May 1, 2011, 15,000 ordinary shares were issued.The preference share are cumulative.The preference dividends were not declared during 2011.
-The receivables turnover for 2011 is

• A)3,200 ÷ 400.
• B)2,100 ÷ 400.
• C)3,200 ÷ 350.
• D)2,100 ÷ 350.

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Definitions:

Sales Taxes

Taxes imposed by governments on sales of goods and services, typically calculated as a percentage of the retail price paid by the consumer.

Perpetual Systems

Inventory management systems that continuously update the quantity and value of inventory stock, allowing for real-time tracking.

Inventory Units

Measurements denoting the quantity of goods that a company has on hand at any given time.

Inventory Holding Gain

An increase in the value of inventory over time, typically due to inflation or increased demand, before the inventory is sold.