Grave Company Had $150,000 in Sales on Account Last Year

question 117

Multiple Choice

Grave Company had $150,000 in sales on account last year.The beginning accounts receivable balance was $14,000 and the ending accounts receivable balance was $10,000.The company's average collection period (age of receivables) was closest to:

• A) 24.33 days.
• B) 29.20 days.
• C) 34.07 days.
• D) 58.40 days.

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Definitions:

Mood Disorders

Mental health conditions that primarily affect a person's emotional state, characterized by periods of depression or elevated mood.

Schizophrenia

A severe mental disorder characterized by distortions in thinking, perception, emotions, language, sense of self, and behavior.

Symptoms

Signs or manifestations of a condition or disease, which patients perceive subjectively.

Happier Person

A happier person is someone who consistently experiences a higher state of well-being or joy.