Home Corporation Will Open a New Store on January 1

question 96

Multiple Choice

Home Corporation will open a new store on January 1.Based on experience from its other retail outlets, Home Corporation is making the following sales projections: Home Corporation estimates that 70% of the credit sales will be collected in the month following the month of sale, with the balance collected in the second month following the month of sale. Based on these data, the balance in accounts receivable on January 31 will be:

• A)$40, 000
• B)$28, 000
• C)$12, 000
• D)$58, 000

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Definitions:

Empiricist Theory

A philosophical approach emphasizing that knowledge comes primarily from sensory experience and observation.

Linguistic Chauvinism

The belief that one's language is superior to others, which can lead to the undervaluing and suppression of other languages and their speakers.

Anagrams

Words or phrases formed by rearranging the letters of another, such as 'listen' and 'silent'.

Prototypes

Original forms or models on which something is patterned or based, often used in cognitive psychology to describe how people categorize objects and concepts.