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How much is the total assets as of December

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HARANGUE INFLATED SPEECH Co. had the following information for 20x1:

Accounts receivable turnover 10:1

Total assets turnover 2:1

Average receivables during the year ?400,000

Total assets, January 1, 20x1 800,000

Problem 1: How much is the total assets as of December 31, 20x1?

Option 1: 4,000,000

Option 2: 3,800,000

Option 3: 3,200,000

Option 4: 2,800,000

Reference no: EM132805973

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