LKN Company Had Net Credit Sales of $5,005,000 and Cost

question 36

Multiple Choice

LKN Company had net credit sales of $5,005,000 and cost of goods sold of $3,500,000 for the year.The Accounts Receivable balances at the beginning and end of the year were $600,000 and $700,000, respectively.The accounts receivable turnover was

• A)8.4 times.
• B)7.7 times.
• C)3.9 times.
• D)7.1 times.

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Definitions:

Laryngeal Mirror

A medical instrument with a small, reflective surface used to view the larynx (voice box) and surrounding areas during an examination.

Mouth

The opening in the face of a person or animal, used for eating, breathing, and vocalization; part of the digestive system.

Dust

Fine particles of matter often consisting of tiny fragments of fiber, soil, and skin cells, which can accumulate on surfaces or become airborne.

Bacteria

Microscopic, single-celled organisms that exist virtually everywhere on Earth, playing roles that range from causing disease to aiding in digestion.