Duke's Auto Parts Has a Beginning Receivables Balance on January

question 72

Multiple Choice

Duke's Auto Parts has a beginning receivables balance on January 1^st of $398.Quarterly sales for the year are $427,$502,$479,and $525,starting with the first quarter.The accounts receivable period is 60 days.How much did the firm collect in the second quarter? Assume a 360-day year.

• A)$458.50
• B)$452.00
• C)$477.00
• D)$464.50
• E)$479.50

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Definitions:

Cannibalization

The reduction in sales of a company's existing products due to the launch of its own new products.

Brand Name

The part of a brand that can be vocalized; the name under which a series of products or services is sold, distinguishing them from competitors.

Logo

A symbol, design, or graphic representation that identifies and differentiates a company, brand, or product.

Functional Benefits

The practical or utilitarian advantages that a product or service provides to the consumer, such as convenience or time saving.