Peterboro Supply Has a Current Accounts Receivable Balance of $391,648

question 85

Multiple Choice

Peterboro Supply has a current accounts receivable balance of $391,648.Credit sales for the year just ended were $5,338,411.How long did it take on average for credit customers to pay off their accounts during the past year? Assume a 365-day year.

• A)24.78 days
• B)26.78 days
• C)29.09 days
• D)31.15 days
• E)33.33 days

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Definitions:

Consumption

The use of goods and services by households, constituting one of the major components of GDP and a primary indicator of economic health.

Budget Constraint

Indicates the various goods and services a consumer is able to buy, considering their earnings and the costs of those goods and services.

Papyrus Scrolls

Ancient writing materials made from the pith of the papyrus plant, used especially in Egypt for documents and texts.

Tomb Decoration

Artistic embellishments and inscriptions within tombs intended to honor the deceased, depict their life, or aid in their journey to the afterlife, prevalent in various cultures.