The Following Data Represent Selected Information from the Comparative Income

question 77

Multiple Choice

The following data represent selected information from the comparative income statement and balance sheet for Dunkin Company for the years ended December 31, 2011 and 2010: The accounts receivable turnover for Dunkin Company for the year ended December 31, 2011, was:

• A)13.45.
• B)12.11.
• C)12.33.
• D)13.32.

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Definitions:

Withholding Allowance

the portion of an employee's income that is not subject to tax withholding by the employer, typically used to calculate the amount of income tax withheld from a paycheck.

Federal Income Tax

A charge imposed by the national government on the yearly income of individuals, corporations, trusts, and various legal bodies.

Gross Earnings

The total amount of revenue or income earned by an individual or business before any deductions or taxes are applied.

Net Pay

The amount of money an employee takes home after deductions like taxes and retirement contributions have been subtracted.