The Boat Works Started the Month with $3

question 78

Multiple Choice

The Boat Works started the month with $3.21 million in accounts receivable.Sales for the month were $7.84 million.The firm collects 18% of its sales in the month of sale with the remainder paid the following month.What is the accounts receivable balance at month end?

• A) $4,621,200
• B) $6,428,800
• C) $9,061,000
• D) $1,411,200

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Definitions:

Adrenal Cortex

The outer part of the adrenal gland that produces steroid hormones which regulate metabolism and immune response.

Adrenocorticotrophic Hormone

A hormone produced by the anterior pituitary gland that stimulates the production of cortisol by the adrenal glands, involved in stress response.

Irrational Beliefs

Thoughts or beliefs that are not based on reason or actual experience, often unrealistic and negative, which can lead to unwelcome emotions and behaviors.

Catastrophizing

A cognitive distortion involving the irrational thought that a situation is far worse than it actually is, often seen in anxiety and depression.