A Company Had $12,000 in Accounts Receivable and $320,000 in Net

question 191

True/False

A company had $12,000 in accounts receivable and $320,000 in net sales for the current period.Its days' sales uncollected is equal to 13.7 days.

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Definitions:

Petty Cash

A small amount of cash on hand used for covering minor expenses.

Deducted

To subtract an amount from a total, often related to expenses or taxable income.

Bank

A financial institution licensed to receive deposits and make loans, in addition to offering various other financial services.

Electronic Funds Transfer

A digital transaction method where money is transferred from one account to another without the physical exchange of cash.