ABC Has a Beginning Receivables Balance on January 1st of £430.Sales

question 70

Multiple Choice

ABC has a beginning receivables balance on January 1st of £430.Sales for January through April are £240, £250, £330 and £350, respectively.The trade receivables period is 60 days.How much
Did the firm collect in the month of March? Assume that a year has 360 days.

• A)£240
• B)£250
• C)£330
• D)£350
• E)£430

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Definitions:

Annual Reports

Comprehensive reports detailing a company's activities, financial performance, and strategy over the past fiscal year, intended for stakeholders' review.

Management's Performance

Evaluation of the efficiency, effectiveness, and attainment of objectives by a company's executives and administrative personnel.

Minority Interests Groups

Groups or entities that hold a minority percentage of ownership stakes in a company and have limited control or influence.

Accrued Expenses

Expenses that have been incurred but not yet paid or recorded by a company, representing obligations that exist at the balance sheet date.