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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

Ray’s beginning and ending accounts receivables balances are $147,990 and $142,720, respectively. Ray’s sold $3,745,060 of merchandise, of which 50% was on credit.

Required:

Determine the amount of cash collections for 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 cash collected during the year.

Explanation

The beginning accounts receivable is $147,990, the ending accounts receivable is $1,42,720 and the sales during the year is $37,45,060 and credit sales is 50% of the total sales. 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:

Cash collected during year=Beginning receivable

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