Answer:
Average receivables = $157,500,000
Explanation:
<em>Account receivable represent the amount of credit made by a business which remain uncollected as at the reporting date. In other words, they represent the amount that customers are owing the business in respect of credit sales.</em>
Average account receivables
=(opening balance + closing balance)/2
=( $142,650,000 + $172,350,000)/2
= 157,500,000.
<span>A
company's employee database includes each employee's compensation.
Part a)
An employees compensation is a continuous variable because it can take fractional values.
Monetary values doest have to be an integer it also takes decimal values.
Part b)
The possible
values it can take on are any value in the interval of compensations for the employee's level.</span>
Because they are always converted to an income summary throughout the closing process, revenue and expense accounts are known as nominal accounts.
so the statement is false
Revenue Definition:
Revenue in financial accounting refers to an inflow of funds, typically from sales or services provided by commercial activity. It is also known as sales or business turnover. In other terms, revenue refers to the amount of money that a company or organization receives. For instance, certain businesses may receive income from royalties, interest, or copyright fees. While for some businesses, money may come from the services they provide to clients. Donations from groups, corporations, and people are referred to as revenue for non-profit organizations.
Operating Revenue Examples:
- Sales.
- Fees or Commission Earned.
- Service Revenues.
Expenses Definition:
A money outflow is known as an expense or expenditure in financial accounting. As an illustration, a tenant's expenses can include rent. Parents' expenses could include the cost of their children's tuition. Expenses for a business include things like electricity bills, bank fees, sales expenses, phone bills, repairs, and services.
List of expenses in accounts frequently observed when preparing financial statements:
- Cost of goods sold.
- Legal fees.
- Depreciation.
Learn more about Revenue and expense accounts here
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