Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 23, 2024

The Accounts Receivable account has a beginning balance of $52.000 and an ending balance of $74,000. If $42.000 was sold on account during the year,

The Accounts Receivable account has a beginning balance of $52.000 and an ending balance of $74,000. If $42.000 was sold on account during the year, what were the total collections on account? O $20,000 O $74.000 O $84,000 O $64,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

Step: 3

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

Government Contract Accounting Made Easy The Uncomplicated Guide To Compliance Pricing And Profitability

Authors: Robert E. Jones

1st Edition

979-8988831204

More Books

Students also viewed these Accounting questions

Question

★★★★★

Toxaway Company is a merchandiser that segments its business into two divisions-Commercial and Residential. The company's accounting intern was asked to prepare segmented income statements that the...

Answered: 1 week ago

Question

★★★★★

3. Draw a value chain for your business school. Are students to be considered as part of the supply network or part of the customer network? What value chain activities does your business school...

Answered: 1 week ago

Question

★★★★★

Which of the following identifies the parenting style most likely to ground a teen who had missed a curfewand to explain the rationale for doing so, after considering the teens reasons? a....

Answered: 1 week ago

Question

★★★★★

Schneider Bank offers two primary financial services: commercial checking and credit cards. The bank also generates some revenue from selling identity fraud insurance as a by-product of its two main...

Answered: 1 week ago

Question

★★★★★

The Accounts Receivable account has a beginning balance of $52.000 and an ending balance of $74,000. If $42.000 was sold on account during the year, what were the total collections on account? O...

Answered: 1 week ago

Question

★★★★★

Assume that Walmart's year-ended 12/31/19 trial balance reports the following information (all accounts have normal balances): Common stock 3100 Additional paid-in capital 1200 Treasury stock 900...

Answered: 1 week ago

Question

★★★★★

On January 1, 2021, Fisher Corporation paid $2,290,000 for 35 percent of the outstanding voting stock of Steel, Inc., and appropriately applied the equity method for its investment. Any excess of...

Answered: 1 week ago

Question

★★★★★

T SECTION 2.2 7. Traffic fatalities 2013 Here are two histograms showing the annual number of traffic fatalities in passenger cars. (NHTSA) One plots the years, and the other plots the fatalities....

Answered: 1 week ago

Question

★★★★★

Required information Tableau DA 1-3: Mini-Case, Schedule of cost of goods manufactured and income statement preparation LO C2 [The following information applies to the questions displayed below.] You...

Answered: 1 week ago

Question

★★★★★

Exercise 4-8 Wang Company accumulates the following adjustment data at December 31. For each item, indicate the (1) type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued...

Answered: 1 week ago

Question

★★★★★

Miller & Co., CPAs is considering entering into a cooperative arrangement with T Corporation, an audit client. In which instance would the arrangement be permissible under the AICPA rules? A.) The...

Answered: 1 week ago

Question

★★★★★

(Appendices) DETERMINING UNCOLLECTIBLE ACCOUNT EXPENSE USING THE AGING METHOD. At the beginning of the year, Tennyson Auto Parts had an accounts receivable balance of $31,800 and a balance in the...

Answered: 1 week ago

Question

★★★★★

(Appendices) RECORDING SALES. Sullivan Company sells industrial cleaning supplies and equipment to other businesses. During the first quarter of 19x2, the following transactions occurred: a) On...

Answered: 1 week ago

Question

★★★★★

(Appendices) SALES AND PURCHASE DISCOUNTS: GROSS AND NET METHODS. Sims Company regularly sells merchandise to Lauber Supply on terms 3/15, n/20. During a recent month, the two firms engaged in the...

Answered: 1 week ago

Previous Question Next Question