Outback Corp

question 74

Multiple Choice

Outback Corp.recorded sales of $1,300,000 in 2010,in addition the company's accounts receivable balance grew from $120,000 at the beginning of 2010 to $165,000 at the end of 2010.How much cash did Outback collect from customers in 2010?

• A) $1,300,000
• B) $1,345,000
• C) $1,255,000
• D) $1,135,000

Understand the roles and responsibilities of corporate promoters, officers, and shareholders.

Grasp the constitutional rights afforded to corporations in the United States.

Analyze case law relevant to corporate law, particularly concerning jurisdiction and personal liability.

Differentiate between the types of corporations (public, private, closely held) and their characteristics.

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Definitions:

Market Demand

The total quantity of a good or service that all consumers in a market are willing and able to purchase at different prices during a specified time period.

Positive Profits

Earnings that exceed the total costs, indicating a financially beneficial outcome.

Equilibrium Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded in a market, leading to market stability.

Units Of Output

A quantifiable count of the products or goods produced by a company or an industry.