The Accounts Receivable for Note Corporation Was $240,000 at the Beginning

question 98

Multiple Choice

The accounts receivable for Note Corporation was $240,000 at the beginning of the year and $260,000 at the end of the year. If the accounts receivable turnover for the year was 8 and 20% of the total sales were cash sales, the total sales for the year were:

• A) $2,600,000
• B) $2,000,000
• C) $2,400,000
• D) $2,500,000

---

Definitions:

Blue-Collar Workers

Employees who perform manual labor, often in manufacturing, construction, and maintenance fields, typically requiring physical skill and effort.

Wealth Distribution

Wealth Distribution is the statistical distribution of assets among a population, often a subject of economic studies regarding inequality and economic health.

Sunset Businesses

are industries or enterprises in decline, facing reduced demand or obsolescence, often due to technological advancements or changes in consumer preferences.

Clear-Cut

A forestry practice where all the trees in an area are uniformly cut down, often leading to ecological disruptions and loss of habitat.