The Home Supply Co

question 30

Multiple Choice

The Home Supply Co. has a current accounts receivable balance of $300,000. Credit sales for the year just ended were $1,830,000. How many days on average did it take for credit customers to pay off their accounts during this past year?

• A)54.29 days
• B)56.01 days
• C)57.50 days
• D)59.84 days
• E)61.00 days

---

Definitions:

Market Economies

Market economies are economic systems in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's citizens and businesses with minimal government intervention.

Adjustment

The process of modifying something to achieve a desired outcome, often used in the context of economic policies, mechanisms, or personal changes.

Equilibrium Price

The price at which the quantity of a product offered is equal to the quantity of the product in demand.

Government

The organization, or system of governance, that exercises authority and performs the functions of governing a political state or community.