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Romashka-Z-Leto [24]
3 years ago
5

The balance in accounts receivable at the beginning of 2016 was $600. During 2016, $3,200 of credit sales were recorded. If the

ending balance in accounts receivable was $500 and $200 in accounts receivable were written off during the year, the amount of cash collected from customers was
$2,700.

$3,120.

$3,320.

$3,400.
Business
1 answer:
andreyandreev [35.5K]3 years ago
8 0

Answer:

$3,100

Explanation:

Step 1: Draw up the Accounts Receivable Account

Opening Balance  $600          Allowance for Doubtful debt   $200

Sales                       $3,200       Cash Collected                        $3,100

                                                   Closing Balance                       <u>$500</u>

                                <u>$3,800</u>                                                         <u>$3,800  </u>  

To calculate the cash collected from customers

first, add the debit side of the accounts receivable which is a sum of the opening balance and sales= 3,800

Secondly, add the figures in the credit side including allowance for doubtful debt and closing balance= $700

Thirdly, Subtract the lesser side from the greater, $3,800 - $700 = $3,100

$3,100 was cash collected from the customers in 2016

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The Essay is written as below; Kindly look into.

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What is the main difference Between Income Inequality and poverty?

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The policies which  encourages the higher savings rates and lower the cost of building assets for working and middle class households can provide better economic security for struggling families. Access to fair, low-cost financial services and home ownership are also important pathways to wealth. Strong evidence shows that the earned income tax  has been an effective tool to increase work and reduce poverty.

4. Invest in education.

There are differences in early education and school quality which are the most important components contributing to persistent inequality. Timely Investments in education, beginning in early childhood with programs can increase economic mobility, contribute to increased productivity and decrease inequality. AS poverty affects education and our children living in poverty tend to be exposed to more stress, more intense & longer lasting stress that negatively impact attention, focus, cognition, IQ and social skills.

In the underdeveloped countries and developing countries, people instinctively know that education is a good thing for their children, and in developed countries, we have a lot to learn and to relearn about the importance of education. People who live in poverty are aware of the fact that sending their children to school will give them opportunities that they didn't have.  

5. Progressive Taxes.

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