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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

Hart Inc. began the year with $315,700 of accounts receivable. During the year, Hart sold a considerable amount of merchandise on credit and collected $2,427,000 of its credit sales. At the end of the year, the accounts receivable balance is $16,800 lower than the beginning balance.

Required:

Calculate the amount of credit sales during the period.

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 credit sales.

Explanation

The beginning accounts receivable is $3,15,700, the collection of amount from its credit sales is $24,27,000 and the closing receivables are lower than the beginning by $16,800. This all is given in the question.

Now, for computing the credit sales during the year, the following formula should e followed:

Credit Sales during the year=Closing receivableBeginning receivable+Cash collected during year

As per the above formula:

Credit Sales during the year=Closing receivableBeginning receivable+Cash 

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