1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Misha Larkins [42]
3 years ago
6

The balance in Accounts Receivable at the beginning of the year was $ 550 comma 000. The balance in Accounts Receivable at the e

nd of the year was $ 750 comma 000. Customer accounts of $ 460 comma 000 were written off. The company collected $ 4 comma 060 comma 000 from credit customers and $ 1 comma 090 comma 000 from cash customers. What are credit sales for the​ year?
Business
1 answer:
mina [271]3 years ago
5 0

Answer:

$3,400,000

Explanation:

The computation of the credit sales is shown below:

As we know that

Closing balance of  accounts receivables = Opening balance of  accounts receivables + Credit Sales - Bad debts written off - Cash collected from credit customers

$750,000 = $550,000 + credit sales - $460,000 - $4,060,000

$750,000 = $4,150,000 + credit sales

So, the credit sales is

= $4,150,000 - $750,000

= $3,400,000

Simply we applied the above formula

You might be interested in
An upscale organic foods grocery store chain is implementing an information system that will enable it to add same-day home deli
defon

Answer:

paradigm shift

Explanation:

Based on the information provided within the question it can be said that this is an example of a paradigm shift. This term refers to a fundamental change within an a company's or entity's set of discipline or norms of it's basic concepts. Which in this scenario adding same day home delivery drastically changes the basic concept of an in person organic food grocery store as people are able to order online and never have to set foot into the store. Which may even lead the store to close their brick and mortar store and function strictly online.

6 0
3 years ago
Which of these conditions signals that it is likely time to update or eliminate a
Nadya [2.5K]

Answer:

D

Explanation:

when the record is updated,

5 0
3 years ago
The decision to accept an additional volume of business should be based on a comparison of the revenue from the additional busin
musickatia [10]

Answer:

false

Explanation:

Sunk cost is cost that has already been incurred and cannot be recovered. it should not be considered when making future decisions

7 0
3 years ago
Quick Corp. has $270,000 of outstanding accounts receivable. On March 10, 1988, Quick assigned a $30,000 account receivable due
Ronch [10]

Answer:

quick

Explanation:

Quick

Taft Bank is entitled to collect the money from Quick Corp. and not Pine because it failed to notify Pine of the assignment from Quick Corp. on time. So, now he can collect money from Quick Corp. only.

4 0
3 years ago
The monitoring step of the mission and vision statements development process is analogous to which step of the principles of man
jeyben [28]

Answer: The "Controlling" step of the management framework.

Explanation: Management principles have been categorised into 4 main functions namely: planning, organising, leading and controlling. In short this is known as the P-O-L-C framework. The aim of this framework is to act as a guide used to assist management in addressing challenges faced by the organisation.

In the monitoring step of the mission and vision statements development is analogous (related) to the controlling element of the framework. In this step, key milestones are identified and recognised over time. Using these milestones, progress is monitored and measured against the objectives of the organisation. Audit can be an important tool used during this step of the process, to confirm whether milestones are effectively monitored.

3 0
3 years ago
Other questions:
  • How might differences in the extent to which countries apply the accounting concept of conservatism (some countries are more con
    8·1 answer
  • The controller of Hartis Corporation estimates the amount of materials handling overhead cost that should be allocated to the co
    8·1 answer
  • One inherent risk to using lean philosophy is that companies are at higher risk of inventory shortage during volatile times such
    8·1 answer
  • Javier, a homeowner, files a lawsuit against dean, his construction contractor. they meet with their attorneys to try to resolve
    9·1 answer
  • Assuming no direct factory overhead costs (i.e., inventory carry costs) and $3 million dollars in combined promotion and sales b
    9·1 answer
  • "An unexpected benefit of deliberate practice is ______"
    8·1 answer
  • Fill in the blanks to complete the passage about the economic implications of technological advances. The U.S. dairy cow industr
    10·1 answer
  • Sellers may choose not to sell in certain markets if:
    14·1 answer
  • Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses
    13·1 answer
  • Which ics function is responsible for documentation.
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!