Use the Following Information for the Question(s)below

question 8

Multiple Choice

Use the following information for the question(s) below.
Wyatt Oil has the following accounts on its books: Wyatt extends credit on terms of 1/15,net 30.
-The percentage of Wyatt's receivables that are current is closest to:

• A)32.1%.
• B)38.3%.
• C)42.2%.
• D)61.7%.

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Definitions:

Preference Shares

A type of share that typically grants its holders priority over ordinary shareholders in receiving dividends and upon liquidation of the company's assets.

Financial Liability

Obligations a company owes to another entity, which could be in the form of loans, bonds payable, or other types of debt.

Compound Financial Instrument

A financial instrument that has both a debt and equity component and may be convertible into shares of the issuing company.