What Was the Percentage of Decrease in the Accounts Receivable

question 13

Multiple Choice

What was the percentage of decrease in the Accounts Receivable account if the receivables were $87,000 in Year 1, and $67,000 in Year 2? (Round your answer two decimal places, X.XX%.)

• A) -22.99%
• B) 29.85%
• C) -29.85%
• D) 22.99%

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Definitions:

Retained Earnings

Profits that a company retains for reinvestment in its operations, rather than distributing to shareholders as dividends.

Stock Repurchases

The act of a company buying back its own shares from the marketplace, potentially to increase the value of remaining shares.

IRS

Internal Revenue Service, the U.S. government agency responsible for tax collection and tax law enforcement.

SEC Regulations

The rules and regulations enforced by the Securities and Exchange Commission (SEC) that govern securities and financial markets in the United States.