The CHS Company has provided the following information: • Accounts receivable written-off as uncollectible during the year amounted to $13,100. The accounts receivable balance at the beginning of the year was $310,000. The accounts receivable balance at the end of the year was $370,000. • The allowance for doubtful accounts balance at the beginning of the year was $15,600. • The allowance for doubtful accounts balance at the end of the year after the recording of bad debt expense was $14,500. . Credit sales during the year totaled $980,000. How much cash was received from collections of accounts receivable? Multiple Choice $610,000 $623,100 $966.900

The CHS Company has provided the following information: • Accounts receivable written-off as uncollectible during the year amounted to $13,100. The accounts receivable balance at the beginning of the year was $310,000. The accounts receivable balance at the end of the year was $370,000. • The allowance for doubtful accounts balance at the beginning of the year was $15,600. • The allowance for doubtful accounts balance at the end of the year after the recording of bad debt expense was $14,500. . Credit sales during the year totaled $980,000. How much cash was received from collections of accounts receivable? Multiple Choice $610,000 $623,100 $966.900

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

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Lower-of-cost-or market inventory Data on the physical inventory of Moyer Company as of December 31, 20Y9, are presented below. Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Instructions Determine the inventory at cost and at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on an inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows: 1. Draw a line through the quantity, and insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the LCM column. The first item on the inventory sheet has been completed below as an example.
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Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
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