The Following Information Was Extracted from the Financial Records of Ross

question 50

Multiple Choice

The following information was extracted from the financial records of Ross Ltd for the year ended 30 June 2018: $\begin{array}{ll}\text { Cash Sales } & \$ 50,000 \\\text { Credit Sales } & 200,000 \\\text { Accounts receivable } & 25,000 \\\text { Cost of Sales } & 130,000\end{array}$ If there are 365 trading days per year, calculate for the managing director the number of days that accounts receivable are outstanding at 30 June 2018.

• A)86 days
• B)51 days
• C)114 days
• D)46 days

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Definitions:

Per Se Violation

An action that is inherently illegal, regardless of intent or the circumstances surrounding the action.

Market Division

An anti-competitive agreement in which competing companies divide markets among themselves, specifying which customers or territories each will serve.

Exclusive-Dealing Contract

An agreement under which a seller forbids a buyer to purchase products from the seller’s competitors.

Substantially Lessen Competition

A legal standard used in antitrust law to evaluate the potential anticompetitive effects of mergers, acquisitions, or other business practices.