Tim Company Had Sales of $30,000,increase in Accounts Payable of $5,000,decrease

question 42

Multiple Choice

Tim Company had sales of $30,000,increase in accounts payable of $5,000,decrease in accounts receivable of $1,000,increase in inventories of $4,000,and depreciation expense of $4,000.What was the cash collected from customers?

• A)$31,000
• B)$35,000
• C)$34,000
• D)$25,000
• E)$26,000

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Definitions:

Taxation

A system through which governments finance their expenditure by imposing charges on citizens and corporate entities.

Tax Burden

The measure of the total amount of taxes that an individual or business must pay.

European Countries

Nations located on the European continent, each with its unique government, culture, and economy.

Social Insurance Taxes

Taxes collected to fund public programs designed to provide financial assistance and support to individuals during periods of unemployment, disability, or retirement.