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
alexira [117]
3 years ago
7

Peace Company began the accounting period with a $14,000 debit balance in its accounts receivable account. During the accounting

period, the company recorded revenue on account amounting to $44,000. The accounts receivable account at the end of the accounting period contained a $8,000 debit balance. Based on this information, the cash collected from accounts receivable during the period is
Business
1 answer:
Mrac [35]3 years ago
3 0

Answer:

$50,000

Explanation:

Based on this information, the cash collected from accounts receivable during the period is $50,000. This can be calculated in the following way. Since the Company started the period with a $14,000 debit balance and ended that period with only $8,000 it means that $6,000 was used. Since it was used, it means that it was deducted from the actual collected total. Therefore to find this total we add these $6,000 to the revenue for that period which was $44,000. This totals up to $50,000.

You might be interested in
The Candle Shop experienced the following events during its first year of operations, Year1
zhenek [66]

Answer:

a) 1. Acquired cash by issuing common stock  ⇒ Asset Source

2. Paid a cash dividend to the stockholders  ⇒ Asset Use

3. Paid cash for operating expenses  ⇒ Asset Use

4. Borrowed cash from a bank  ⇒ Asset Source  

5. Provided services and collected cash  ⇒ Asset Source

6. Purchased land with cash  ⇒ Asset Exchange

7. Determined that the market value of the land is higher than the historical cost  ⇒ Not applicable

 

b) I used an excel spreadsheet because there is not enough room here.  

Download pdf
3 0
3 years ago
Marissa gives Larry a check in payment for a computer that she is buying from him. She writes the check to Cash. Larry then give
Lena [83]

Answer: personal

Explanation:

Based on the information given with regards to the question, this is a personal defense. A personal defense occurs when there's a breach of contract whereby there was issuing of the negotiable instrument.

In this case, Marissa writes the check to Cash but Larry then gives the check to Gary Graduate his nephew, without indorsing it, as a graduation gift

8 0
3 years ago
If the supply of a product increases, then we would expect equilibrium pricea.to increase and equilibrium quantity to decrease.
azamat

Answer:

The correct answer is option d.

Explanation:

An increase in the supply of a product will cause the supply curve to shift to the right. This rightward shift will cause the demand curve and supply curve to intersect at a lower price.

This will cause the quantity demanded of the product to increase and the price of the product to decrease.

A decrease in the supply will cause the quantity demanded to decrease and price to increase.

The effect of supply increase is indicated through the given figure.

5 0
4 years ago
Which is an example of a short-term investment
Alenkasestr [34]
Money market accounts
3 0
3 years ago
Jane is not married and has no children she is 35 and owns here own home under which status is she most likely to file
uysha [10]

She would be most likely to file under SINGLE :)

Hope this helps

6 0
3 years ago
Other questions:
  • When individuals or groups are in the process of purchasing a company, this action is known as being a stakeholder.?
    6·1 answer
  • A country's fertility rate suggests zero population growth, but it shows an increase of 20—30 percent over 50 years. what might
    15·1 answer
  • Better Chocolates has a new project that requires $838,000 of equipment. What is the depreciation in Year 6 of this project if t
    12·1 answer
  • 33). You put half of your money in a stock portfolio that has an expected return of 14% and a standard deviation of 24%. You put
    12·1 answer
  • Renaissance Technologies (RenTech) is a good example of a hedge fund that has benefited from the ________________ to the financi
    5·1 answer
  • The San Pedro Company forecasts that total overhead for the current year will be $10,000,000 and that total machine hours will b
    14·1 answer
  • The reserve requirement is 15 percent. Lucy deposits $600 into a bank. By how much do excess reserves change
    13·1 answer
  • Veronica Is thinking about getting a prepaid debit card. She has made a list of good reasons to get the card. What reason should
    14·1 answer
  • Question 5 of 10
    14·2 answers
  • A British grocery chain uses previously obtained U.S. dollars to purchase apples from the United States. This transaction
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!