Meranda Corporation Reported Cash Sales of $235,000; Net Credit Sales

question 64

Multiple Choice

Meranda Corporation reported cash sales of $235,000; net credit sales of $515,000; beginning net accounts receivable of $212,000; and ending net accounts receivable of $224,000. Meranda's accounts receivable turnover is:

• A) 2.30.
• B) 2.36.
• C) 2.43.
• D) 3.44.
• E) 2.63.

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Definitions:

Mens Rea

A legal principle that refers to the intent or knowledge of wrongdoing that constitutes part of a crime, as opposed to the action or conduct of the accused.

Demurrer

A legal challenge that objects to the sufficiency of a pleading without addressing the underlying facts.

Habeas Corpus

A legal writ requiring a person under arrest to be brought before a judge or into court, to secure the person's release unless lawful grounds are shown for their detention.

Mediation

A form of alternative dispute resolution where a neutral third party assists the disputing parties in reaching a mutually satisfactory agreement.