Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information relates to Graham Housing Inc.'s accounts receivable for 2018: Accounts receivable, 1/1/18 $750,000 Sales for 2018 $2,700,000 Sales returns for 2018 $75,000

The following information relates to Graham Housing Inc.'s accounts receivable for 2018:

Accounts receivable, 1/1/18 $750,000

Sales for 2018 $2,700,000

Sales returns for 2018 $75,000

Accounts written off during 2018 $40,000

Collections from customers during 2018 $2,150,000

Estimated future sales returns at 12/31/18 $50,000

Estimated uncollectible accounts at 12/31/18 $110,000

What amount should Graham Housing report for accounts receivable, before allowance for sales returns and uncollectible accounts, at December 31, 2018?

A. $1,200,000.

B. $1,125,000.

C. $1,085,000.

D. $1,185,000.

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

Financial Crime Investigation And Control

Authors: K. H. Spencer Pickett, Jennifer M. Pickett

1st Edition

0471203351, 9780471203353

More Books

Students also viewed these Accounting questions

Question

Find the work for Problem 3.56.

Answered: 1 week ago