Milton Toy Co

question 19

Multiple Choice

Milton Toy Co. recorded sales of $2,500 and costs of $1,875. Net accounts receivable rose by $350 and net accounts payable declined by $240. What were cash sales minus cash costs?

• A) $625
• B) $35
• C) ($110)
• D) $90

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Definitions:

Cooperative

An organization owned and operated by a group of individuals for their mutual benefit, focusing on services or goods.

Corporate Owner

An entity that legally owns a corporation, which can be individuals, groups of people, or other companies.

Common Areas

Parts of a property that are available for use by all residents or members of a community, such as lobbies, gardens, and swimming pools in a condominium.

Tenants in Common

Tenants in common is a form of co-ownership where each owner possesses a specific fraction of the property and has the right to will their share to their heirs.