Jim Debt Was Reviewing the Total Accounts Receivable

question 22

Multiple Choice

Jim Debt was reviewing the total accounts receivable. This month he received $80,000 from credit customers. This represented 40% of all receivables due. The total amount of accounts receivable is:

• A) $200,000.
• B) $320,000.
• C) $500,000.
• D) $230,000.
• E) None of these.

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Definitions:

Fixture

An item of property that is attached to a structure or land in such a way that it is considered a permanent part of the site.

Registry System

A system of recording information and transactions, often related to property ownership, to provide legal evidence and ensure public access.

Land Titles System

A legal system for registering and validating land ownership, including the rights and responsibilities of titleholders.

Communist Countries

Nations that operate under a communist system of government, where the state plans and controls the economy and a single, often authoritarian party holds power.