A Firm Has Forecasted Sales of $4,500 in April, $3,000

question 20

Multiple Choice

A firm has forecasted sales of $4,500 in April, $3,000 in May, and $5,000 in June. All sales are on credit. 30% is collected in the month of the sale, and the remainder in the following month. What will be the balance in accounts receivable at the end of June?

• A) $1,950
• B) $6,500
• C) $4,550
• D) $3,500 

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Definitions:

Descriptive Statistics

Statistical methods that summarize and organize the information in a data set to describe its various features, such as mean or standard deviation, without drawing inferences about the population.

Box Plot

A standardized way of displaying the distribution of data based on a five-number summary: minimum, first quartile, median, third quartile, and maximum.

Five Number Summary

A descriptive statistic that provides information about a set of observations through five key values: minimum, first quartile, median, third quartile, and maximum.

Measure Of Variability

A statistical indicator of how widely values in a data set vary around the mean or median.