During 2014 Wheeler Inc

question 156

Multiple Choice

During 2014 Wheeler Inc. had sales on account of $528,000, cash sales of $216,000, and collections on account of $336,000. In addition, they collected $5,800 which had been written off as uncollectible in 2013. As a result of these transactions the change in the accounts receivable indicates a

• A) $402,200 increase.
• B) $192,000 increase.
• C) $186,200 increase.
• D) $408,000 increase.

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Definitions:

Negligence Claim

A legal assertion that one party's failure to exercise reasonable care has resulted in harm or injury to another.

Element Of Conversion

A crucial aspect in tort law, indicating the act of wrongfully possessing or using someone else’s property without permission.

Malicious Intentions

The purpose or desire to do harm or cause negative outcomes to others.

Assumption Of Risk

A legal doctrine whereby an individual is understood to have knowingly exposed themselves to a dangerous activity or condition and thus cannot seek compensation for resulting injuries.