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Fenwick Holdings Reported Cash Sales in 2017 of $220,000

Question 84

Multiple Choice

Fenwick Holdings reported cash sales in 2017 of $220,000.Accounts receivable at the beginning of the year totaled $420,000, with a balance of $490,000 at the end of the year.If the company's accounts receivable turnover is 3.5 for the year, how much are its total sales for the year?


A) $2,250,000
B) $1,715,000
C) $1,495,000
D) $1,935,000

Correct Answer:

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