ABC's Net Accounts Receivable Were $1,000 at December 31, 2013

question 10

Multiple Choice

ABC's net accounts receivable were $1,000 at December 31, 2013 and $1,200 at December 31, 2014.Net cash sales for 2014 were $400.The accounts receivable turnover for 2014 was 5.0.What were ABC's total net sales for 2014?

• A)$5,900
• B)$6,400
• C)$6,000
• D)$11,000
• E)None of these choices are correct

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Definitions:

Contractual Condition

A specific requirement outlined in a contract that must be met for the contract to be fully enforceable.

Satisfaction

The fulfillment or discharge of a debt, obligation, or penalty.

Performance

The execution, completion, or fulfillment of a duty, contract, or other obligation according to its terms.

Breach

A breach is the violation of a law, duty, or other form of agreement, typically referring to a breach of contract.