At year-end, Schultz Inc. has cash of $11,600, current accounts receivable of $48,900, merchandise inventory of $37,900, and prepaid expenses totaling $5,100. Liabilities of $55,900 must be paid next year. Assume accounts receivable had a beginning balance of $67,400 and net credit sales for the current year totaled $807,800. How many days did it take Schultz to collect its average level of receivables?

Kareem is a full-time graduate student at the university working toward his Ph.D. in chemistry. In 2016, he received the following scholarship payments from the university: $8,000 for tuition and fees $5,000 for room and board $1,000 for fees, books, supplies, and equipment that are required for the courses at the university $7,000 for services as a part-time teaching assistant at the university for which he received a W-2 at the end of the year Kareem used both the $8,000 and $7,000 payments to pay the total annual tuition of $15,000 at the university. He used the $5,000 payment for room and board. He used the $1,000 to purchase books. What amount received from the university must Kareem include on his 2016 return as taxable income?

a. $12,000 b. $6,000 c. $13,000 d. $1,000

Any reference to some other agreements in a note would make it non-negotiable

Indicate whether the statement is true or false