The Mountain Top Shoppe Has Sales of $512,000,average Accounts Receivable

question 94

Multiple Choice

The Mountain Top Shoppe has sales of $512,000,average accounts receivable of $31,400 and average accounts payable of $24,800.The cost of goods sold is equivalent to 71 percent of sales.How long does it take The Mountain Top Shoppe to pay its suppliers?

• A)21.76 days
• B)22.38 days
• C)24.90 days
• D)25.89 days
• E)26.67 days

Comprehend the role of market and competitive analysis in launching nonprofit business ventures.

Identify different forms of social enterprises and their characteristics.

Understand the legal and strategic considerations in forming corporate partnerships and sponsorships.

Articulate the importance of sensitivity analysis in assessing business viability.

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Definitions:

Single Taxpayer

A filing status for unmarried individuals that allows them to report their income and deductions on their federal tax return.

Wages

Compensation received by employees for services performed, usually based on hours worked or amount of work done.

Personal Exemption

A specific amount that taxpayers could deduct from their taxable income for themselves and their dependents, applicable in tax years before 2018.

Income Tax Withholding

The practice of deducting income tax from an employee's gross pay on behalf of the government, reducing the amount the employee takes home.