The Financial Statements of the Belfry Manufacturing Company Report Net

question 63

Multiple Choice

The financial statements of the Belfry Manufacturing Company report net sales of $600,000 and accounts receivable of $80,000 and $40,000 at the beginning of the year and the end of the year, respectively.What is the average collection period for accounts receivable in days?

• A)24.3 times
• B)73.0 times
• C)36.5 times
• D)48.7 times

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Definitions:

Twins

Two individuals born from the same pregnancy, who can be either identical (from one egg) or fraternal (from two different eggs).

Adopted Children

Children who have been legally taken and raised by parents who are not their biological parents.

Heritability

The proportion of variation in traits among individuals that can be attributed to genetic factors.

Environment

The environment refers to the natural and artificial settings in which a person, animal, or plant exists and functions.