Lasiter Corp

question 71

Multiple Choice

Lasiter Corp.reported net credit sales of $2,000,000 and cost of goods sold of $1,400,000 for 2016.On January 1, 2016, accounts receivable was $250,000.Amounts owed by customers increased by $20,000 during 2016.Rounding to two decimal places, what is Lasiter's accounts receivable turnover rate for 2016?

• A) 8.33
• B) 8.00
• C) 7.69
• D) 7.41

Grasp the necessity of eliminating double counting in the consolidation of parent and subsidiary financial statements.

Understand the regulatory requirements and the process for preparing consolidated financial statements.

Comprehend the accounting treatment for investment in subsidiaries and its impact on the parent company's financial statements.

Acknowledge the importance of the acquisition date and investment date in consolidation and their implications.

---

Definitions:

Surgical Removal

The process of cutting out or excising a part of the body or a foreign object from the body through surgical intervention.

Single-Cell Recording

A neuroscience technique for measuring the electrical activity of individual neurons.

Awake

The state of being conscious, not sleeping, and aware of one's environment.

Freely Moving Animals

A term often used in research to describe experiments conducted on animals that are not restrained, allowing more natural behaviors to be observed.