Fess Hardware Store Had Net Credit Sales of $8500000 and Cost

question 18

Multiple Choice

Fess Hardware Store had net credit sales of $8500000 and cost of goods sold of $5000000 for the year. The Accounts Receivable balances at the beginning and end of the year were $600000 and $760000 respectively. The accounts receivable turnover was

• A) 7.4 times.
• B) 5.9 times.
• C) 11.2 times.
• D) 12.5 times.

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Definitions:

Apomixis

A type of plant reproduction method in which seeds form without the need for fertilization, resulting in progeny that are genetically the same as the parent plant.

Fruit Species

Refers to the various types of fruit-bearing plants or trees classified based on genetic, morphological, and ecological characteristics.

Tubers

Thickened underground parts of a stem or rhizome, such as potatoes, that store nutrients.

Rhizomes

Horizontal underground stems that produce new shoots and roots at intervals along their length.