Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

23. (3 points) The following information pertains to R: Gross accounts receivable balance as of 12-31-14 was $879,000 Allowance for doubtful accounts balance as

image text in transcribed

23. (3 points) The following information pertains to R: Gross accounts receivable balance as of 12-31-14 was $879,000 Allowance for doubtful accounts balance as of 12-31-14 was $48,000 Total sales during 2015 were $3,800,000; 85% of sales were on a credit basis. AR write-offs during 2015 were $41,000 R's 12-31-15 AR aging analysis indicates a required balance in the allowance for doubtful accounts of $70,000. The NRV of R's receivables as of 12-31-15 was $903,000. Based on the above: a. How much cash did R collect from its ARs during 2015? b. How much cash did R collect from its sales during 2015?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

8th edition

978-1259997525, 1259997529, 978-1259548185

More Books

Students also viewed these Accounting questions