A Company Had Net Sales of $21,500 and Ending Accounts

question 204

Multiple Choice

A company had net sales of $21,500 and ending accounts receivable of $2,700 for the current period. Its days' sales uncollected equals: (Use 365 days a year.)

• A) 8.0 days.
• B) 7.4 days.
• C) 45.8 days.
• D) 58.9 days.
• E) 45.2 days.

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Definitions:

London Noon

Refers to the time in London when certain financial rates, like the gold fixing, are traditionally set, influencing various economic sectors globally.

Gold Spot Price

The current market price at which gold can be bought or sold for immediate delivery.

Defect Of Title

A legal issue with the ownership rights of property or real estate, making the transfer of a clear title to the property problematic.

Holder In Due Course

A legal term referring to a person who has received a negotiable instrument in good faith and for value, and thus has certain protections against defenses and prior claims to the instrument.