ABC CoHas an Average Collection Period of 60 Days

question 98

Multiple Choice

ABC Co.has an average collection period of 60 days.Total credit sales for the year were $3,285,000.What is the balance in accounts receivable at year-end? (Use 365 days in a year.)

• A) $54,750
• B) $109,500
• C) $540,000
• D) $547,500

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Definitions:

360-degree Feedback

A comprehensive review process where employees receive confidential, anonymous feedback from the people who work around them, including peers, managers, and direct reports.

Goal Setting

The process of identifying specific, measurable, achievable, relevant, and time-bound objectives to be accomplished.

360-degree Process

a feedback mechanism where an individual receives anonymous feedback from peers, supervisors, subordinates, and sometimes, clients.

Goal Formation

The process of defining clear, specific objectives that an individual, team, or organization aims to achieve.