The Following Is the Sales Budget for Duck-N-Run, Inc

question 90

Multiple Choice

The following is the sales budget for Duck-n-Run, Inc., for the first quarter of 2012: The accounts receivable balance at the end of the previous quarter was $45,000 ($32,000 of which was uncollected December sales.) What is the amount of the January collections?

• A)$112,400.00
• B)$112,408.16
• C)$95,663.83
• D)$122,356.33
• E)$125,400.00

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Definitions:

Public Good

A Public Good is a commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.

Corporation

A legal entity that is separate and distinct from its owners, capable of owning assets, incurring liabilities, and conducting business.

Stockholders

Individuals or entities that own shares in a corporation, thereby having a claim to a part of its assets and earnings.

Legal Entity

An individual, company, or organization that has legal rights and obligations, including the capacity to enter legal contracts, sue, and be sued.