It Takes the Corner Store an Average of 51 Days

question 101

Multiple Choice

It takes The Corner Store an average of 51 days to sell its inventory and 32 days to collect its accounts receivable. The firm has sales of $568,700 and costs of goods sold of $398,800. What is the accounts receivable turnover rate?

• A) 11.23
• B) 11.41
• C) 11.78
• D) 12.23
• E) 12.55

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Definitions:

Healthy Sense Of Skepticism

This entails adopting a questioning attitude towards knowledge, facts, and opinions to discern the truth and avoid being misled.

Claim

Refers to the statement that the maker of the argument is seeking to show to be true or probably true.

Unwarranted Expertise

Claims of knowledge or skill in a particular area without sufficient evidence or justification.

Conflict Of Interests

A situation in which a person's or entity's vested interests could potentially influence their duties or decisions in a biased manner.