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:

Urine Produced

The liquid waste that is created by the kidneys after filtering the blood, containing water, salts, and nitrogenous compounds.

External Urinary Sphincter

A circular muscle that controls the passage of urine through the urethra and prevents involuntary leakage.

Smooth Muscle

Involuntary muscle found in the walls of hollow organs and structures, such as blood vessels and the digestive tract, that contracts slowly and rhythmically.

Skeletal Muscle

Muscle tissue that is attached to bones and is responsible for initiating and controlling voluntary movements.