The Net Accounts Receivable for Andante Company Were $150,000 at the Beginning

question 53

Multiple Choice

The net accounts receivable for Andante Company were $150,000 at the beginning of the most recent year and $190,000 at the end of the year.If the accounts receivable turnover for the year was 8.5,and 15% of total sales were cash sales,what were the total sales for the year?

• A) $1,445,000.
• B) $1,500,000.
• C) $1,700,000.
• D) $1,900,000.Sales = 1,445,000/(1 - .15)= $1,700,000.

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Definitions:

Observable Responses

Measurable actions or reactions of an organism in response to external or internal stimuli.

Conscious Processes

Mental activities of which an individual is aware, involving perception, thinking, and remembering.

Hindsight Bias

The tendency to believe, after learning an outcome, that we would have foreseen it. (Also known as the I-knew-it-all-along phenomenon.)

Double-Blind Procedure

An experimental procedure in which both the research participants and the research staff are ignorant (blind) about whether the research participants have received the treatment or a placebo. Commonly used in drug-evaluation studies.