The numerator in the asset turnover formula is, O a. Sales. O b. Average Current Assets. O c. Average Long-Term Assets. O d. Average Total Assets. Which of the following accounts used in the gross method of accounting for sales discounts is considered a contra account? O a. Merchandise Inventory O b. Allowance for Sales Discounts O c. Cost of Merchandise Sold O d. Accounts Receivable Gross profit is sales O a. plus cost of merchandise sold. O b. less inventory. O c. less operating expenses. O d. less cost of merchandise sold. Which of the following accounts is used in the journal entry for the freight cost under the FOB (free on board) destination method? O a. Delivery Expense O b. Accounts Payable O c. Accounts Receivable O d. Merchandise Inventory The following financial statement data for the year ending December 31 are for Aero Company: $560,000 Sales Total assets Beginning of year End of year 384,000 416,000 What is the asset turnover for the year? O a. 1.46 O b. 1.35 O c. 1.40 O d. 1.43 At month-end, cost of merchandise sold is $192,050 and gross profit is $168,590. Determine sales for the month. O a. a. $360,640 O b. $23,460 . c. $168,590 O d. None of these choices are correct. At year-end, Castleton Company has the following balances in its general ledger: Sales Accounts Receivable Allowance for Sales Discounts $502,000 270,000 5,200 What is the balance of net accounts receivable on the year-end balance sheet? O a. $270,000 O b. $226,800 Oc. c. $275,200 O d. $264,800