ABC Company Had a Beginning Accounts Receivable Balance of $10,000

question 116

Multiple Choice

ABC Company had a beginning Accounts Receivable balance of $10,000, and had $12,000 of sales on account for the month. The ending Accounts Receivable balance was $14,000. Collections on Accounts Receivable for the month:

• A)were $12,000.
• B)were $36,000.
• C)were $8,000.
• D)can't be determined from the information given.

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Definitions:

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Legal provisions that allow shareholders to demand the corporation buy back their shares at a fair value if they do not agree with certain fundamental changes.

Short-form Mergers

A type of merger in which a parent company merges with its subsidiary where the parent already owns most of the subsidiary's shares, simplifying the process.

Voting Power

The rights of shareholders or members to vote on corporate or organizational matters.

Class Action

A type of lawsuit where one of the parties is a group of people who are represented collectively by a member of that group.