Summer Fashions Had a Balance in the Accounts Receivable Account

question 66

Multiple Choice

Summer Fashions had a balance in the Accounts Receivable account of $660,000 at the beginning of the year and a balance of $720,000 at the end of the year.Net credit sales during the year were $5,350,000.The average collection period of the receivables was

• A)45 days.
• B)47 days.
• C)49 days.
• D)93 days.

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Definitions:

Noncyclic Reactions

A phase of photosynthesis that involves a linear electron flow resulting in the production of oxygen, ATP, and NADPH as opposed to cyclic reactions where only ATP is produced.

Carbon Fixation

The process by which inorganic carbon (carbon dioxide) is converted into organic compounds by living organisms, primarily during photosynthesis.

Carbon Fixation

The process by which inorganic carbon (typically carbon dioxide) is converted to organic compounds by living organisms, crucial in the synthesis of glucose during photosynthesis.

Rubisco

Ribulose bisphosphate carboxylase. Carbon-fixing enzyme of the Calvin–Benson cycle.