A Firm Ended the Year with an Average Collection Period

question 118

Multiple Choice

A firm ended the year with an average collection period of 50 days. The firm's credit sales were $11 million. What is the firm's year-end balance in accounts receivable?

• A) $1.27 million
• B) $0.85 million
• C) $1.51 million
• D) $2.05 million

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Definitions:

Personal and Professional Development

The continuous process of acquiring new skills and knowledge that relate to one's profession, personal aspirations, and self-improvement.

Transformational Leaders

Leaders who inspire and motivate their followers to exceed their own self-interests for the betterment of the organization through vision and passion.

Use of Power

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