Powers Company Reported Net Sales of $1,200,000,average Accounts Receivable,net of $78,500,and

question 183

Multiple Choice

Powers Company reported net sales of $1,200,000,average Accounts Receivable,net of $78,500,and net income of $51,025.The accounts receivable turnover ratio is:

• A)0.65 times.
• B)14.3 times.
• C)28.6 times.
• D)15.3 times.
• E)16.3 times.

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Definitions:

Mining Partner

A member of a partnership formed for the purpose of mining activities, sharing in the profits and liabilities of the venture.

Transferable

Capable of being passed on or conveyed from one person or entity to another.

Partnership Capital

When a partnership or limited liability partnership is formed, partners contribute cash or other property to the partnership.

Loans

A financial arrangement in which an entity lends money to another with the expectation it will be repaid, often with interest.