Data from Gofman Corporation's Most Recent Balance Sheet Appear Below

question 168

Multiple Choice

Data from Gofman Corporation's most recent balance sheet appear below: Sales on account in Year 2 amounted to $1,300 and the cost of goods sold was $900.
-The average collection period for Year 2 is closest to:

• A) 0.9 days
• B) 39.3 days
• C) 36.5 days
• D) 1.2 days

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Definitions:

RICO

The Racketeer Influenced and Corrupt Organizations Act, a U.S. federal law designed to combat organized crime by allowing for extended criminal penalties and civil cause of action for acts performed as part of an ongoing criminal organization.

Predicate Acts

Actions or crimes that constitute part of a larger pattern of illegal activity, often related to racketeering or fraud.

Five-Year Period

A specified duration of time, often used in contexts such as contracts, warranties, and strategic planning, comprising five consecutive years.

Mens Rea

A legal term referring to the mental state or intention behind committing a crime; a key element in determining culpability.