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steposvetlana [31]
3 years ago
15

The following information relates to the Fowler Company for 2014: Beginning accounts receivable 5,000 Credit Sales 40,000 Ending

accounts receivable 7,000 What was the amount of cash collections?
Business
1 answer:
Komok [63]3 years ago
7 0

Answer:

$38,000

Explanation:

The amount of cash collections would be computed as;

Cash collections = Beginning accounts receivable + Credit sales - Ending accounts receivable

Where;

Beginning accounts receivable = $5,000

Credit sales = $40,000

Ending accounts receivable = $7,000

Therefore,

Cash collections = [($5,000 + $40,000) - $7,000]

Cash collections = $38,000

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