Leary Corporation Had Net Credit Sales During the Year of $900,000

question 122

Multiple Choice

Leary Corporation had net credit sales during the year of $900,000 and cost of goods sold of $540,000. The balance in receivables at the beginning of the year was $120,000 and at the end of the year was $180,000. What was the accounts receivable turnover?

• A) 6.0
• B) 7.5
• C) 5.0
• D) 3.6

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Definitions:

Charleston Harbor

a notable body of water located in South Carolina, known historically for its strategic importance during both the American Revolution and the Civil War.

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A conflict between citizens of the same country.

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The historical process of expanding the institution of slavery into new territories in the United States before the Civil War.

President-elect Lincoln

Refers to Abraham Lincoln after winning the United States presidential election, before being officially inaugurated as President.