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Lisa Inc.'s Balance Sheet Appears Below

Question 198

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Lisa Inc.'s balance sheet appears below:
 Lisa Inc.'s balance sheet appears below:  The company's sales for the year were $300,000, its cost of goods sold was $220,000, and its net income was $35,000. All sales were on credit. Dividends paid on preferred shares for the year were $5,000.     -Lisa Inc.'s accounts receivableturnover for Year 2 was closest to which of the following? A)  4.9 times. B)  5.9 times. C)  6.7 times. D)  8.0 times. The company's sales for the year were $300,000, its cost of goods sold was $220,000, and its net income was $35,000. All sales were on credit. Dividends paid on preferred shares for the year were $5,000.



-Lisa Inc.'s accounts receivableturnover for Year 2 was closest to which of the following?


A) 4.9 times.
B) 5.9 times.
C) 6.7 times.
D) 8.0 times.

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