Given the Following Information for Rat Rack Corporation: Cost of Goods

question 13

Multiple Choice

Given the following information for Rat Rack Corporation: cost of goods sold $35,500, sales $65,000, increase in accounts receivables $4,200. Their receipts from customers total would be:

• A) $33,700
• B) $25,300
• C) $69,200
• D) $60,800

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Definitions:

Dress Boutique

A specialty retail store that focuses on selling dresses and often offers a variety of styles from casual to formal wear.

Share the Loss

A principle or agreement among parties to divide financial losses incurred from a venture, investment, or project among themselves.

RUPA

The Revised Uniform Partnership Act, legislation adopted by many states in the United States to govern the operation of partnerships.

Recognizes

To formally acknowledge or take notice of something, often legally or officially.