The Opening Balance of Accounts Receivable in October Is $255,000

question 10

Multiple Choice

The opening balance of accounts receivable in October is $255,000. Sales for the month are forecast to be $600,000 of which 55% are on credit. If customers pay in full in one month, what cash will be received from customers in October?

• A) $270,000
• B) $525,000
• C) $585,000
• D) $384,750
• E) $465,000

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Definitions:

Factor Analysis

A statistical method used to identify underlying variables, or factors, that explain the pattern of correlations within a set of observed variables.

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A branch of psychology that focuses on the study, assessment, and understanding of individual differences in personality within the cultural context of the United States.