Given the Following Data: Sales = 3200; Cost of Good

question 20

Multiple Choice

Given the following data: Sales = 3200; Cost of good sold = 1600; Average receivables =
200, calculate the average collection period:

• A) 24.3
• B) 22.8
• C) 137
• D) None of the above

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Definitions:

Malpractice Lawsuit

A legal action taken against a professional, such as a doctor or lawyer, for negligence or incompetence that results in harm to a client or patient.

Duty of Competence

A professional obligation requiring individuals to have the necessary knowledge and skill to perform tasks effectively.

Court Filing Deadlines

The specific dates by which documents must be filed with the court to ensure they are considered in a legal case.

Rule of Client Confidentiality

An ethical rule within legal practice requiring attorneys to keep information relating to the representation of a client confidential unless the client gives informed consent to disclose it.