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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 $80,200, and ending accounts receivable were $83,700. All sales were on credit and totaled $562,900.

Required:

Determine how much cash was collected from customers.

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 cash collected during the year.

Explanation

The beginning accounts receivable is $80,200, the ending accounts receivable is $83,700 and the sales during the year is $5,62,900. This all is given in the question.

Now, for computing the cash collected during the year, the following formula should be followed:

Cash collected during year=Beginning receivable+Credit sales during the yearClosing receivable

As per the above formula:

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