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
zysi [14]
3 years ago
5

Accounts receivable written-off as uncollectible during the year amounted to $12,600. The accounts receivable balance at the beg

inning of the year was $260,000. The accounts receivable balance at the end of the year was $320,000. The allowance for doubtful accounts balance at the beginning of the year was $15,100. The allowance for doubtful accounts balance at the end of the year after the recording of bad debt expense was $14,000. Credit sales during the year totaled $955,000. How much cash was received from collections of accounts receivable?
Business
1 answer:
elena55 [62]3 years ago
8 0

Answer:

$72,600

Explanation:

Ending balance of the account receivable can be calculated by adding credit sales in beginning balance and deducting any account receivable written-off.

As we have the ending balance of account receivable, we need to calculate credit sales by following formula:

Account receivable Ending Balance = Account receivable Beginning Balance + Credit Sales - Bad Debt - Ending Balance

$320,000 = $260,000 + Credit Sales - $12,600

$320,000 = $247,400 + Credit Sales

Credit Sales = $320,000 - $247,400 = $72,600

You might be interested in
1.The percentage of the labor force that belongs to a union is known as the
Helen [10]
1) The percentage of the labor force that belongs to a union is known as the UNIONIZED PERCENTAGE RATIO.

2) The equilibrium wage rate is determined by the point of intersection of labor market supply and labor market demand. Equilibrium wage is the wage where the company agrees to pay and the worker agrees as the value of his work.

3) The effect of union exclusion of nonunion workers is to lower the wages of nonunion workers.

4) A market with one buyer and one seller is a bilateral monopoly. Monopoly is a market with only one seller. Monopsony is a market with only one buyer.
4 0
3 years ago
Which is not a way that government provides incentives for innovation
olga nikolaevna [1]
Ummm, Government does not fund nonprofits.
8 0
3 years ago
Read 2 more answers
Because of large reserves that center around the Persian Gulf, the Middle East often produces as much as two-thirds of the world
gregori [183]
Your answer is D - petroleum.

the area around the Persian Gulf is desert so can't be the water, coal or cattle. But here it can be found large underground reserves  of Petroleum. 
8 0
3 years ago
XYZ Zippers, Inc. wants to develop a new sales system that account executives can access over the Internet with a back-end custo
DanielleElmas [232]

Answer:

A programmer, a web designer, and a data analyst.

Explanation:

The programmer creates the sales system application. He will integrate key functionalities in the new software that will meet the companie's unique need.

The we designer will create a website that will give easy access to the newly developed sales system application. This will also involve content creation and user interface creation.

Data analyst will be in charge of managing client's data. Making sure data is secure and in a form that can be easily accessed and used.

5 0
3 years ago
Gomez runs a small pottery firm. He hires one helper at $14,500 per year, pays annual rent of $7,500 for his shop, and spends $1
uysha [10]

Answer:

a). Accounting profits=$6,000

b). Economic profit=-$6,000

Explanation:

a). The accounting profits for Gomez's pottery firm can be expressed in the form;

Accounting profits-Total monetary revenue-Total monetary expenses

where;

Total monetary revenue=$86,000

Total monetary expenses=excludes opportunity cost=wages+rent+materials+equipment=(14,500+7,500+18,000+40,000)=$80,000

replacing;

Accounting profits=(86,000-80,000)=$6,000

Accounting profits=$6,000

b). Gomez's economic profit

Economic profit=Total revenue-total costs

where;

Total revenue=(86,000+5,000+6,000)=97,000

Total costs includes opportunity cost=(80,000+23,000)=103,000

replacing;

Economic profit=(97,000-103,000)=-$6,000

Economic profit=-$6,000

6 0
3 years ago
Other questions:
  • What are the two most critical things you should do before you perform a job
    6·1 answer
  • What is the biggest enemy of saving investing? Why?
    5·1 answer
  • Edna is a leading brain surgeon in the United States. She enters into a contract to perform a complicated brain surgery on Ben.
    11·1 answer
  • Kathy is 48 years of age and self-employed. During 2018 she reported $538,000 of revenues and $107,600 of expenses relating to h
    10·1 answer
  • Libra Electronics has invented a new technology to make laptops that are extremely lightweight and unbreakable. The company is a
    11·1 answer
  • The cases filed with HR at The Cross Company are concerning in that most of the classes that are protected by the CRA may have b
    9·1 answer
  • Some proponents of labor law reform believe that
    14·1 answer
  • Which of the following situations suggests the acceptance of an investment​ proposal? A. The cash inflows are lesser than the in
    9·1 answer
  • Which of the following statements is correct?
    14·1 answer
  • Most insurance companies will waive surrender charges in the event EXCEPT:
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!