At the End of the First Year,the Treadwell Tire Company

question 75

Multiple Choice

At the end of the first year,the Treadwell Tire Company had accounts receivable of $67,900 and at the end of the second year the company had accounts receivable of $72,400.If the company's net sales revenue during the second year was $876,875,the receivables turnover ratio for the second year was:

• A)12.5.
• B)29.2.
• C)0.08.
• D)0.034.

---

Definitions:

Statute of Frauds

A legal principle requiring certain types of contracts to be in written form in order to be enforceable.

Specific Performance

A legal remedy in contract law where a court orders a party to perform their obligations under a contract, rather than just paying damages for failure to do so.

Oral Agreement

A contract or agreement made through spoken words rather than in written form which can be legally binding in certain circumstances.

Part Performance

A legal principle that allows an incomplete contract to be enforced if one party has taken significant actions based on the agreement, demonstrating the existence of the contract.