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Following Are the Financial Statements for Starman Corporation for the Year

question 109

Multiple Choice

Following are the financial statements for Starman Corporation for the year ended December 31,20xx.Assume that all balance sheet amounts represent both average and ending figures. Starman Corporation
Balance Sheet
December $31,20 x x$
$\begin{array}{lrr}\text { Assets }\\\text { Cash } & \$ 20,000 \\\text { Marketable securities } & 30,000 \\\text { Accounts receivable } & 50,000 \\\text { Inventory } & 100,000 \\\text { Long-term receivables } & 35,000 \\\text { Property, plant, and equipment } & 65,000\\\text { Total assets }&\$300,000\\\\\text { Liabilities and Stockholders' Equity }\\\text { Current liabilities } & \$ 100,000 \\\text { Long-term liabilities } & 60,000 \\\text { Stockholders' equity } & 140,000\\\text { Total liabilities and stockholders' equity }&\$300,000\end{array}$ $\begin{array}{c}\text {Starman Corporation}\\\text { Income Statement }\\\text {For the Year Ended December $ 31,20 \times\times $ }\\\\\begin{array}{lr}\text { Net sales } & \$ 400,000 \\\text { Cost of goods sold } & 240,000 \\ \text { Gross margin } & \$ 160,000 \\\text { Operating expenses } & 40,000 \\\text { Income before income taxes } & \$ 120,000 \\\text { Income taxes expense } & 30,000 \\\text { Net income } & \$ 90,000\end{array}\end{array}$
What is the receivable turnover for this corporation?

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Structures

The arrangement of and relations between the parts or elements of something complex, such as a molecule’s geometric configuration.

Ionizing Solvent

A solvent capable of dissociating molecules into ions, thus enhancing electrical conductivity.

Bromopentene

Refers to an organic compound consisting of a five-carbon alkene chain with a bromine atom attached, used in organic synthesis.

Products

The substances that result from the completion of a chemical reaction, which are typically different in chemical properties from the reactants.