A Firm Has Accounts Receivable of $150,000

question 59

Multiple Choice

A firm has accounts receivable of $150,000.During the year,total sales are $500,000,of which $300,000 are cash sales.What is the average collection period?

• A) 109.5 days
• B) 182.5 days
• C) 273.8 days
• D) 486.7 days
• E) None of the above

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Definitions:

Long-term Memory

The phase or type of memory responsible for the storage of information over an extended period.

Short-term Memory

The part of the memory system where information is stored for a brief period, typically a few seconds to a minute.

Working Memory

A cognitive system responsible for temporarily holding information available for processing, critical for reasoning, guidance of decision-making, and behavior.

High School Students

Adolescents who are enrolled in grades nine through twelve in the schooling system.