Home Corporation Will Open a New Store on January 1

question 101

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:

Amphiarthrosis

A type of joint in the human body that allows for limited movement, contributing to stability and support, such as the vertebrae in the spine.

Diarthrosis

A movable joint; another word for synovial.

Breast Bone

Also known as the sternum, a long flat bone located in the central part of the chest, connecting the rib bones and supporting the collar bone.

Axial Skeleton

The central part of the skeleton, comprising the skull, vertebral column, ribs, and sternum, providing support and protection for the body's vital organs.