Pine Hardware Store Had Net Credit Sales of $3,900,000 and Cost

question 52

Multiple Choice

Pine Hardware Store had net credit sales of $3,900,000 and cost of goods sold of $3,000,000 for the year. The Accounts Receivable balances at the beginning and end of the year were $600,000 and $700,000, respectively. The receivables turnover ratio was

• A) 5.6 times.
• B) 6.5 times.
• C) 4.6 times.
• D) 6 times.

Distinguish between FOB shipping point and FOB destination, including the implications for shipping costs and risk.

Recognize the benefits of offering sales discounts to accelerate cash receipts.

Identify different types of operational expenses and their importance in company operations.

Understand the rights and responsibilities of buyers and sellers under different shipping terms.

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Definitions:

Behaved Worse

Displaying behavior that is more negative or less desirable than previously or typically expected.

Prosocially

Behaving in a way that is intended to benefit others, characterized by actions that demonstrate concern and help for the well-being of others.

Romantic Advances

Actions or gestures aimed at signaling or initiating a romantic interest towards another person.

Romantic Behavior

Actions and gestures that express affection and love towards a partner, often including physical closeness, verbal expressions, and thoughtful acts.