As of January 1 of the Current Year,the Gunner Company

question 112

Multiple Choice

As of January 1 of the current year,the Gunner Company had accounts receivables of $50,000.The sales for January,February,and March were as follows: $120,000,$140,000,and $150,000,respectively.Of each month's sales,20% are for cash.Of the remaining 80% (the credit sales) ,60% are collected in the month of sale,with the remaining 40% collected in the following month.What is the accounts receivable balance as of March 31?

• A) $72,000
• B) $48,000
• C) $58,720
• D) $60,000

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Definitions:

Resilience

The ability to quickly recover from difficulties or adapt effectively to adversity or stress.

Health

The state of complete physical, mental, and social well-being and not merely the absence of disease or infirmity.

Financial Pressure

Stress and anxiety caused by inadequate financial resources or burdensome financial obligations.

Group Therapy

A form of psychotherapy where a small group of clients meet regularly to discuss and work through their problems with the guidance of a therapist.