What Was Grow's Insurance Expense for 2023

question 174

Multiple Choice

What was Grow's insurance expense for 2023?

• A) $4,500
• B) $17,700
• C) $18,000
• D) $18,300
• E) $8,700

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Definitions:

Prompt Payment

A term describing the timely processing of payment to a vendor or creditor, often governed by contractual terms or regulations to ensure payments are made within an agreed-upon timeframe.

Accounts Receivable Turnover

A financial metric used to measure how efficiently a company collects revenue from its credit sales, calculated by dividing net credit sales by the average accounts receivable.

Average Collection Period

The mean period required for a company to get payment from its clients.

Finance Charges

Fees representing the cost of credit or the cost of borrowing, including interest and transaction fees.