Tomlin Ltd's Accounts Receivable for Year Ended 31 December 2016

question 25

Multiple Choice

Tomlin Ltd's accounts receivable for year ended 31 December 2016 was $200 000.The number of days in receivables was 146 days.What were the credit sales for the year?

• A) $500 000
• B) $300 000
• C) $80 000
• D) This cannot be determined from the information provided.

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Definitions:

Unrealized Gains

Increases in the value of an investment that have not been sold or exchanged for cash, thus not realized as income.

Management Evaluation

The process of assessing and reviewing the performance, skills, and effectiveness of managers within an organization.

Debt Investments

Investments made by purchasing bonds or other debt instruments, typically generating income from interest payments.

Interest Income

Income earned by an individual or entity from various types of investments that pay interest, such as savings accounts, bonds, or loans provided to others.