Modern Clothing Store Reported the Following Selected Items at June

question 233

Essay

Modern Clothing Store reported the following selected items at June 30,2019 (previous year - 2018 - amounts are also given as needed):
$\begin{array}{|l|r|}\hline\text { Cash } & \$ 80,000 \\\hline \text { Accounts Receivable, net: } & \\\text { June } 30,2019 & 45,000 \\\text { June } 30,2018 & 53,000 \\\hline \text { Accounts Payable } & 55,000 \\\hline \text { Cost of Goods Sold } & 288,000 \\\hline \text { Merchandise Inventory } & \\\text { June } 30,2019 & 70,000 \\\text { June } 30,2018 & 90,000 \\\hline \text { Net Credit Sales Revenue } & 480,000 \\\hline \text { Long-Term Assets } & 220,000 \\\hline \text { Long-Term Liabilities } & 140,000 \\\hline \text { Other Current Assets } & 150,000 \\\hline \text { Other Current Liabilities } & 130,000 \\\hline \text { Short-term Investments } & 40,000\\\hline\end{array}$ Compute Modern's accounts receivable turnover ratio for the year ending June 30,2019.Show your computations.(Round the answer to 2 decimal places.)

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Definitions:

Victor Vroom

A renowned management theorist known for his work on expectancy theory which explains how individuals choose behaviors based on expected outcomes.

Expected Level of Task Performance

The anticipated standard or degree of accomplishment that an individual or group should achieve in executing a specific task or duty.

Hard Work

The extensive effort and dedication put into tasks to achieve goals, often characterized by long hours and high levels of commitment.

Trait Theories

Theories in psychology and leadership that suggest certain personality traits or qualities are inherently linked to effective leadership or success.