Company produces dessert products for sale in grocerystores, but it also has a retail location. At the
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Question:
Company produces dessert products for sale in grocerystores, but it also has a retail location. At the end of 2019, the company had $275,000 in accounts receivable before netting out $4,000 of allowance for doubtful accounts. At the prioryear-end, the corresponding amounts were $395,000 and $10,000, respectively. Thecompany's sales in 2019 totalled $2,750,000, of which $2,300,000 was sold on credit. The company recorded bad debts expense of $8,000 in 2019.
Required
Determine the amount of cash collected from customers and the amounts of receivables written off in fiscal year 2019.
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