During 2017 Novak Corp. had sales on account of $556000, cash sales of $236000, and collections...
During 2017 Novak Corp. had sales on account of $556000, cash sales of $236000, and collections on account of $345000. In addition, they collected $7700 which had been written off as uncollectible in 2016. As a result of these transactions the change in the accounts receivable balance indicates a
a. $211000 increase.
b. $203300 increase.
c. $439300 increase.
d.$447000 increase.
Homework Answers
Answer- As a result of these transactions the change in the accounts receivable balance indicates a= $211000 increase (Option a).
Explanation- Change in the accounts receivable balance = Credit sales-Collections on accounts
= $556000-$345000
= $211000
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