Question
Googly had the following account balances at January 1, 2016: Advertising revenue $ 54,148 Cash 48,192 Accounts receivable 8,036 Interest expense 2,447 Accounts payable 5,320
Googly had the following account balances at January 1, 2016: | |||
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Advertising revenue | $ 54,148 |
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Cash | 48,192 |
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Accounts receivable | 8,036 |
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Interest expense | 2,447 |
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Accounts payable | 5,320 |
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Operating expenses | 43,860 |
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Unearned revenue | 1,370 |
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Equipment | 21,118 |
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Income tax expense | 2,707 |
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The following activities occurred in 2016: | |||
Performed advertising services on account, $64,050. | |||
Received cash payments on account, $12,300. | |||
Received deposits from customers for advertising services to be performed in 2017, $3,800. | |||
Made payments to suppliers on account, $5,320. | |||
Incurred $52,400 of operating expenses; $45,400 was paid in cash and $7,000 was on account and unpaid as of the end of the year. | |||
What is the balance of Accounts Receivable at December 31, 2016?
a. $63,586
b. $59,786
c. $64,050
d. $51,750
e. None of the above; some other number is correct.
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