Calculate the Amount of Accounts Receivable Based on Sales Level

question 30

Multiple Choice

Calculate the amount of accounts receivable based on sales level of $90,000, net income of $10,000 and an ACP of 54 days.

• A)​$13,500
• B)​$1,667
• C)​$1,500
• D)​None of the above.

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Definitions:

Internal Control

Processes and procedures implemented by a company to ensure integrity of financial and accounting information, promote accountability, and prevent fraud.

Management Reports

Comprehensive analyses and summaries of financial and operational data, prepared for internal management use.

Inventory Reports

Detailed documents that track the quantity, location, and status of inventory items within a business, aiding in inventory management and control.

Audit Log

A chronological documentation that captures the detailed activities or changes within an application or system for review and compliance monitoring.