Corner Store Industries Has Annual Sales of $662,070 and Cost

question 46

Multiple Choice

Corner Store Industries has annual sales of $662,070 and cost of goods sold of $494,160.The profit margin is 4.4 percent and the accounts payable period is 29 days.What is the average accounts payable balance?

• A)$52,603
• B)$55,488
• C)$39,262
• D)$40,616
• E)$38,046

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Definitions:

Utility Functions

Mathematical models used to represent an individual's preference ordering over a set of alternatives, based on the level of satisfaction or utility.

Fair Allocations

Distributions of resources or goods among individuals in a way that is considered equitable or just, often taking individual needs or contributions into account.

Apples

Edible fruits produced by an apple tree, known for their sweet taste and crisp texture, often consumed fresh or used in various culinary dishes.

Oranges

Typically refers to the citrus fruit known for its sweet flavor, but in economic or business models, it could symbolize commodity goods.