Use the Information Below to Answer the Following Questions:
a

question 1

Multiple Choice

Use the information below to answer the following questions:
A summary of the entries in the Cash ledger account of Staple Ltd for the month of January was as follows:
$\begin{array}{lr} & \$ \\ \text { Opening balance } & 50,000 \\ \text { Cash from accounts receivable } & 40,000 \\ \text { Cash sales } & 25,000 \\ \text { Dividends received } & 10,000 \\ \text { Cash from issue of shares } & 60,000 \\ \text { Payments to accounts payable } & 30,000 \\ \text { Payments for wages } & 15,000 \\ \text { Purchase of land } & 20,000 \\ \text { Payment of dividends } & 20,000 \\ \text { Purchase of plant } & 45,000 \\ \text { Payment of taxes } & 25,000 \\ \text { Payment of interest } & 10,000 \\ \text { Closing balance } & 20,000\end{array}$
-What were the receipts from customers of Staple Ltd?

• A) $25 000
• B) $40 000
• C) $65 000
• D) $135 000.

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Definitions:

Discount Date

The specified date when a discount is available, often used in the context of payment terms to encourage early payment.

Due Date

The specified date by which a payment must be made, or a task must be completed.

Cash Discount

An incentive offered for the early payment of an invoice or bill, reducing the amount owed.

Complement Rate

The percentage subtracted from 100% to find the remaining portion of a rate, often used in insurance and finance to determine net rates.