M Cornett Is a Corporation That Sells Breakfast Cereal A)$10,000
B)$12,000
C)$11,000
D)$12,900

question 28

Multiple Choice

M. Cornett is a corporation that sells breakfast cereal. Based on the accounts listed below, what are M. Cornett's total trade receivables? $\begin{array}{lr}\text { Income tax refund due }&\$500\\\text { Advance due to the company from }\\\text { the company president }&300\\\text { 3-month note due from M. Cornett's main customer } & 2,000 \\\text { Interest due this month on the above note } & 100 \\\text { Due and unpaid from this month's sales } & 9,000 \\\text { Due and unpaid from last month's sales } & 1,000\end{array}$

• A)$10,000
• B)$12,000
• C)$11,000
• D)$12,900

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Definitions:

Title Insurance

Insurance that protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances, or defects in the title to the property.

Policy

A course or principle of action adopted or proposed by an organization or individual, often serving as a guideline for decisions.

Incontestability Clause

The incontestability clause is a provision in life insurance policies that limits the time within which the insurer can contest or challenge the validity of the policy, typically after it has been active for two years.

Disputes

Disputes are disagreements or conflicts between parties that can arise over differences in views, interests, or claims.