A company had a balance in Gross Accounts Receivable of $200,000 on 12/31/2011. The balance in Gross Accounts Receivable was $300,000 on 12/31/2012. During 2012, the company had to write-off $10,000 of accounts as uncollectible, and had no recoveries. Its Bad Debt Expense was $20,000 during 2012. Total sales were $1,000,000 during 2012, all of which were credit sales. How much cash did the company collect from customers during 2012? $900,000 $880,000 $890,000 $1,000,000 $870,000

A company had a balance in Gross Accounts Receivable of $200,000 on 12/31/2011. The balance in Gross Accounts Receivable was $300,000 on 12/31/2012. During 2012, the company had to write-off $10,000 of accounts as uncollectible, and had no recoveries. Its Bad Debt Expense was $20,000 during 2012. Total sales were $1,000,000 during 2012, all of which were credit sales. How much cash did the company collect from customers during 2012? $900,000 $880,000 $890,000 $1,000,000 $870,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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