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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Accounts Receivable Balance

Beginning accounts receivable were $43,375. All sales were on account and totaled $187,600. Cash collected from customers totaled $182,450.

Required:

Calculate the ending accounts receivable balance.

To determine

Accounts Receivable Balance:

The accounts receivable balance is the outstanding balance in the ledger accounts of the business from whom the money is due for receivable.

To calculate:

The amount of ending account receivable.

Explanation

The beginning accounts receivable is $43,375, the collection of amount from its credit sales is $1,87,600 and the cash collected during the year is $1,82,450. This all is given in the question.

Now, for computing the ending account receivable during the year, the following formula should be followed:

Closing receivable=Beginning receivable+Sales during the yearCash collected during year<

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