A Company Has Net Credit Sales of $1,200,000,beginning Net Accounts

question 126

Multiple Choice

A company has net credit sales of $1,200,000,beginning net accounts receivable of $260,000,and ending net accounts receivable of $202,000.What is the days' sales in accounts receivable? (Round any intermediate calculations to two decimal places,and your final answer to the nearest whole day. )

• A)70 days
• B)141 days
• C)61 days
• D)79 days

Identify the correct use of forms related to tax reporting and withholding.

Recognize the tax responsibilities of employers concerning household workers.

Understand the procedure for calculating federal income tax withholding using the wage bracket method.

Learn the taxation aspects of supplemental wages.

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Definitions:

Extraordinary Items

Events or transactions that are both unusual in nature and infrequent in occurrence, significantly affecting a company's financial position and reported separately in financial statements to provide clarity.

Percentage Change

A measure expressing the relative difference between a new value and an old value, often used to describe changes in financial or statistical data.

Gross Profit

The financial performance metric that subtracts the cost of goods sold from total revenue, indicating the efficiency of the core business activities.

Net Sales

The total revenue from sales minus returns, allowances, and discounts.