Hayes Company Had an Average Age of Accounts Receivable of 25

question 48

Multiple Choice

Hayes Company had an average age of accounts receivable of 25 days and net credit sales of $31,000. Assume a 365 day year. What was the amount of the average net receivables?

• A) $5,760
• B) $1,152
• C) $2,123
• D) $4,000

Understand the structure and significance of a chart of accounts.

Recognize the treatment of deferred revenues in financial statements.

Understand the basic principles and processes of recording financial transactions in accounting.

Learn how to prepare and interpret a trial balance.

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Definitions:

Formula Sales Presentation

A standardized and methodological approach to sales presentations, following a specific formula to achieve consistency and effectiveness in selling efforts.

High Pressure Selling

A sales approach characterized by aggressive tactics designed to pressure a customer into making a purchase decision quickly.

Memorized Sales Presentation

A pre-prepared script for a sales pitch that is memorized and delivered in a consistent manner to multiple potential buyers, focusing on product features and benefits.

Formula Sales Presentation

A structured approach to a sales presentation that relies on a proven sequence of steps designed to guide the potential customer toward a purchase.