Question
Wakanda Corp. began operations in January 2020. During the first quarter, Wakanda made $180,000 of inventory purchases from suppliers and had sales to customers totaling
Wakanda Corp. began operations in January 2020. During the first quarter, Wakanda made $180,000 of inventory purchases from suppliers and had sales to customers totaling $300,000. One half of the sales were cash sales, and the other half were credit sales, where customers have 90 days to pay the account. By the end of the first quarter, none of these customers had paid their accounts. Wakanda estimates that 90% of its credit sales will eventually be collected while the remaining 10% will default. What amount will Wakanda report for Accounts Receivable on its first-quarter balance sheet? (just enter the number, without any commas or a dollar sign
$80,000 I got it wrong
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