Parr Hardware Store Had Net Credit Sales of $6,500,000 and Cost

question 197

Multiple Choice

Parr Hardware Store had net credit sales of $6,500,000 and cost of goods sold of $5,000,000 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 was

• A) 7.7 times.
• B) 10.8 times.
• C) 9.3 times.
• D) 10 times.

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Definitions:

Labor Force

The total number of people who are both employed and actively seeking employment.

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