Jerome Smith,Inc

question 128

Multiple Choice

Jerome Smith,Inc.began the year with $279,000 in Accounts Receivable and ended the year with $232,700 in Accounts Receivable.Sales for the year were $3,870,000.The cash collected from customers during the year amounted to:

• A)$3,823,700.
• B)$3,916,300.
• C)$4,102,700.
• D)$4,149,000.

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Definitions:

Ethical standard

Ethical standard refers to the principles that guide moral conduct within a profession or organization, outlining acceptable behaviors and practices that ensure fair and just operations.

Corporation

A legal entity that can own property and enter into contracts for the benefit of its shareholders.

Social constitution

The way in which a society is organized, including its social structures, norms, and institutions, and how they interact to shape the behavior and attitudes of its members.

Political economy

A branch of social science that studies the relationships between individuals and society and between markets and the state, using methods from both economics and political science.