Swiss Clothing Store Had a Balance in the Accounts Receivable

question 137

Multiple Choice

Swiss Clothing Store had a balance in the Accounts Receivable account of $920000 at the beginning of the year and a balance of $980000 at the end of the year. Net credit sales during the year amounted to $6650000. The average collection period of the receivables in terms of days was

• A) 53.7 days.
• B) 52.1 days.
• C) 30 days.
• D) 50.7 days.

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Definitions:

Communist

A person who supports or believes in the principles of communism, a socio-economic ideology that advocates for the common ownership of the means of production and the absence of social classes.

People's Republic of China

A sovereign state in East Asia, established in 1949, governed by the Communist Party of China, with Beijing as its capital.

1949

The year 1949 marks a significant period in global history, witnessing the formation of the North Atlantic Treaty Organization (NATO) and the establishment of the People's Republic of China.

Context-dependent Memory

The theory that information learned in a particular situation or environment is better remembered when in that same situation or environment.