A firm's total asset turnover increased from 0.75 to 0.90. Which of the following is true about the given data?
A) Its assets have been efficiently used to derive the optimum level of sales.
B) Its assets have been efficiently used to derive the optimum level of net income.
C) Its assets have been efficiently used to derive the minimum level of net income.
D) Its assets have been efficiently used to derive the minimum level of gross profit.
A
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Warren Company began the accounting period with a $32,000 debit balance in its accounts receivable account. During the accounting period, the company recorded revenue on account amounting to $76,000. The accounts receivable account at the end of the accounting period contained a $16,000 debit balance. Based on this information, what is the amount of cash collected from customers during the period?
A. $80,000 B. $66,000 C. $92,000 D. $28,000
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