Land Reclamation Industries Began the Year with $46,700 in Accounts

question 53

Multiple Choice

Land Reclamation Industries began the year with $46,700 in Accounts Receivable and ended the year with $31,900 in Accounts Receivable.If sales for the year were $687,000,the cash collected from customers during the year amounted to:

• A) $655,100
• B) $672,200
• C) $701,800
• D) $733,700

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Definitions:

Recession

A phase of short-term economic downturn characterized by a decrease in commerce and manufacturing, typically marked by two consecutive quarters of declining gross domestic product (GDP).

Inflation

The pace at which prices for general goods and services climb, reducing the value of money to buy them.

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Digital tools or applications used to organize, analyze, and store data in tables, often utilized for accounting, planning, and data analysis.

Household Budget

An estimate of an individual's or family's income and expenses over a specified period, used for managing personal finances.