A Firm Had Sales of $8 Million,and,on Average,takes 33 Days

question 73

Multiple Choice

A firm had sales of $8 million,and,on average,takes 33 days to collect on its sales.What is the average daily amount of the firm's accounts receivable?

• A)$1.1 million
• B)$0.2 million
• C)$1.4 million
• D)$0.7 million
• E)$0.4 million

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Definitions:

Qualifying Widow(er)

A tax filing status allowing a surviving spouse with a dependent child to use married filing jointly tax rates for up to two years after the year of their spouse's death.

Dependent Child

A child who relies on a guardian for financial support and meets certain IRS requirements for tax purposes.

Taxable Income

The amount of a person's or organization's income used to determine how much tax is owed to the government.

For AGI Deduction

refers to deductions that are made from gross income to determine the adjusted gross income on a tax return.