If a Firm Had Credit Sales of $1,550,000 for March

question 52

Multiple Choice

If a firm had credit sales of $1,550,000 for March and collected its sales 30% in the month of sale and 70% in the month following the sale, how much of March sales would be collected in cash in March?

• A)$1,250,000.
• B)$375,000.
• C)$875,000.
• D)$465,000.

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Definitions:

Gram-negative

Bacteria characterized by a thin layer of peptidoglycan in their cell wall, covered by an outer membrane containing lipopolysaccharides; stains pink in Gram staining.

Cyanobacteria

Photosynthetic microorganisms, also known as blue-green algae, that are key players in nitrogen fixation and oxygen production in various ecosystems.

Lichens

Symbiotic associations between a fungus and a photosynthetic partner, typically an alga or cyanobacterium, living together in a mutualistic relationship.

Horizontal Gene Transfer

The movement of genetic material between unicellular and/or multicellular organisms other than by the "vertical" transmission of DNA from parent to offspring.