Question

The balance in Accounts receivable was $650000 at the beginning of the year and $760000 at the end of the year. Credit Sales totaled $4,130,000. During the year, $410,000 in customer accounts were written off. How much cash was collected from customers during the period?

Name: the balance in accounts receivable was 650000 at the beginning of the year and 760000 at the end of the year credit sales totaled 4130000 during the year 410000 in customer accounts were wri 26613
Uploaded: 2023-03-23T16:25:41-08:00
Duration: 1 min 34 s
Channel: Rashmi Sinha
Description: the balance in accounts receivable was 650000 at the beginning of the year and 760000 at the end of the year credit sales totaled 4130000 during the year 410000 in customer accounts were wri 26613

          The balance in Accounts receivable was $650000 at the beginning of the year and $760000 at the end of the year. Credit Sales totaled $4,130,000. During the year, $410,000 in customer accounts were written off.  How much cash was collected from customers during the period?

Added by Marissa B.

Principles of Economics

Gregory Mankiw 8th Edition

Instant Answer

Solved by Expert Rashmi Sinha

03/23/2023

Step 1

First, we need to find the change in Accounts Receivable. Change in Accounts Receivable = Ending balance - Beginning balance Change in Accounts Receivable = $760,000 - $650,000 Change in Accounts Receivable = $110,000 (This is an increase in Accounts Show more…

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The balance in Accounts receivable was $650000 at the beginning of the year and $760000 at the end of the year. Credit Sales totaled $4,130,000. During the year, $410,000 in customer accounts were written off. How much cash was collected from customers during the period?