If Hot Tubs Inc

question 49

Multiple Choice

If Hot Tubs Inc.had sales of $2 million per year (all credit) and its days sales outstanding was equal to 35 days,what was its average amount of accounts receivable outstanding (assume a 360-day year) ?

• A) $194,444
• B) $57,143
• C) $5,556
• D) $97,222
• E) $212,541

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Definitions:

Alien and Sedition Acts

A series of laws passed by the U.S. Congress in 1798 that included powers to deport foreigners as well as making it harder for new immigrants to vote and making it a crime to publish "false, scandalous, and malicious writing" against the government or its officials.

Virginia and Kentucky Resolutions

Political statements drafted in 1798 and 1799, in which the Kentucky and Virginia legislatures took the position that the federal Alien and Sedition Acts were unconstitutional.

Economic Plan

A strategic or tactical plan implemented by a government or organization to foster economic growth or address economic issues.

Gabriel's Rebellion

An unsuccessful slave rebellion led by Gabriel Prosser in 1800 in Richmond, Virginia, aiming to achieve freedom for African-American slaves.