Vital Corporation Reports Beginning Accounts Receivable of $70,200 and Ending

question 141

Multiple Choice

Vital Corporation reports beginning accounts receivable of $70,200 and ending accounts receivable of $67,900.If sales revenue on account is $950,200,how much cash must have been collected from customers during the period?

• A) $952,500
• B) $882,300
• C) $880,000
• D) $947,900

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Definitions:

Moral Rights

Refers to the rights of creators to have their work attributed to them and to object to any derogatory treatment of it, protecting the personal and reputational connection between the creator and their creation.

Industrial Design Act

Legislation that provides protection for the visual design of objects that are not purely utilitarian, covering the creation of shapes, configurations, or looks of industrial products or parts.

Trademarks

Symbols, words, or phrases legally registered or established by use as representing a company or product.

Passing-off Action

A legal remedy used to protect the goodwill of a business from being misrepresented by others, typically in trademark cases.