Martin Sales Provides the Following Information: Net Credit Sales: $800,000

question 65

Multiple Choice

Martin Sales provides the following information: Net credit sales: $800,000
Beginning net accounts receivable: $40,000
Ending net accounts receivable: $23,000
Calculate the accounts receivable turnover ratio.(Round to the nearest whole number. )

• A)25 times
• B)33 times
• C)20 times
• D)35 times

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Definitions:

Property Rights

Legal rights and claims governing the use, transfer, and disposal of property, which can apply to both tangible and intangible assets.

Market Failure

A situation where the free market fails to allocate resources efficiently, leading to a net social welfare loss.

Private Goods

Goods that are excludable and rival in consumption, meaning their use is limited to paying customers and one person's use of the good prevents another's use of it.

Prices

The sum of money needed to buy a product or service.