Hansen Photography Has the Following Outstanding Account Receivables at the End

question 93

Multiple Choice

Hansen Photography has the following outstanding account receivables at the end of the month. The monthly late fee is 1.50% of the outstanding balance at the end of the billing month following the sale (February sales receive a late fee in April if not paid by March 31) . Determine the total late fees due for the following.

• A) $19.85
• B) $31.08
• C) $48.17
• D) $0.00

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Definitions:

Excess Burden

The economic loss that society suffers due to market inefficiencies or taxes beyond the collected tax revenue.

Economic Decisions

Choices made by individuals, firms, or governments regarding the allocation of scarce resources to satisfy needs and desires.

Principle of Neutrality

In economic policy, it suggests that decision-making and interventions should not favor any particular market outcome or resource allocation.

Economic Decisions

Choices made by individuals, businesses, or governments regarding the allocation of resources and the distribution of goods and services.