Phillips Co. reported total credit sales of $245,400 for Year 2. Its accounts receivable totaled $39,900 and $58,400 at the beginning and end of the year, respectively. What was the cash collected from customers during Year 2?
A. $285,300
B. $263,900
C. $245,400
D. $226,900
Answer: D
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A convertible bond is one where
a. the issuer can convert from a fixed interest rate to a floating one. b. the issuer can convert it from long-term to short-term. c. the issuer can retire the bond before its specified due date. d. the holder can convert the bond into common stock at a future time.
In 2016, Valencia Company purchased equipment for $363,000 and also sold some special purpose machinery with a book value of $155,000 for $182,000 . In its statement of cash flows for 2016, Valencia should report the following with respect to the above transactions:
a. $363,000 cash used by operating activities; $182,000 cash provided by financing activities. b. $181,000 net cash used by investing activities. c. $181,000 net cash used by investing activities; $27,000 net cash provided by operating activities. d. $363,000 net cash used by investing activities.
Gross profit ratio equals gross profit divided by net income
Indicate whether the statement is true or false
Explain how an inside sales force should provide support to an outside sales force
What will be an ideal response?