The Following Data Represent Selected Information from the Comparative Income

question 14

Multiple Choice

The following data represent selected information from the comparative income statement and balance sheet for Hot Rolled Corporation for the years ended December 31, 2014 and 2013: •10,000 shares of common shares have been issued and outstanding since the
Company was established. They had a market value of $90 per share on December 31, 2013, and they were selling for $91.50 on December 31, 2014.
Refer to the table above. The accounts receivable turnover for Hot Rolled Corporation for the year ended December 31, 2014, was:

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

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Definitions:

Agency Relationship

An arrangement where one party, the agent, is authorized to act on behalf of another, the principal, in business transactions.

Courts

Institutions designated to administer justice by interpreting laws, resolving disputes, and deciding on legal cases.

Truck Driver

A professional who operates trucks to transport goods and materials between locations.

Employee

An individual who works part-time or full-time under a contract of employment, whether oral or written, express or implied, and has recognized rights and duties.