ABC Co. has an average collection period of 90 days for its accounts receivable. If total credit sales for the year were $6,000,000, what is the balance in accounts receivable at year-end? Assume a 360-day calendar year.
A) $150,000
B) $2,250,000
C) $1,500,000
D) $40,000
C) $1,500,000
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Liquidation of a partnership usually means that assets are sold, liabilities are paid, and remaining cash is distributed to the partners
a. True b. False Indicate whether the statement is true or false
While preparing a bank reconciliation, which of the following items would be subtracted from the balance per the bank statement?
A) Outstanding checks B) Deposits in transit C) Bank service charges D) Interest earned on the bank account
Which of the following is one of the reasons for using smarter and more efficient packaging methods?
a. to increase the amount of packaging material they use b. to increase the space required on pallets and in containers c. to increase the carbon footprint d. to be more socially responsible
Not-for-profit organizations must meet specific guidelines in order to obtain tax-exempt status. These guidelines are structured by the
A. board of directors. B. U.S. Uniform Partnership Act. C. U.S. Bureau of the Census. D. Chamber of Commerce. E. Internal Revenue Service.