Mel Rickter Is Reviewing the Total Accounts Receivable

question 141

Short Answer

Mel Rickter is reviewing the total accounts receivable. This month, he received $45,000 from credit customers. This represented 25% of all receivables due. What is the total amount of Mel Rickter's accounts receivable?

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Definitions:

402A

A section of the Restatement (Second) of Torts, which sets out the principle of strict liability for harm caused by defective products.

Misuse Or Abuse

Wrong or excessive use of something that can lead to harm or damage.

Implied Warranties

Guarantees legally assumed in a transaction, suggesting that the product sold will meet certain standards of quality and reliability.

Caveat Emptor

A Latin phrase meaning "let the buyer beware," indicating that the buyer assumes the risk regarding the quality and condition of the item purchased.