During 20x1 Company X sold $4,000 of inventory on credit. The company’s beginning and ending accounts...
During 20x1 Company X sold $4,000 of inventory on credit. The company’s beginning and ending accounts receivable balances were $25,000 and $28,000, respectively. How much cash did Company X collect on account? If the ending accounts receivable had been $21,500…how much cash would company X have collected.
Homework Answers
Case 1
| beginning accounts receivable | $ 25,000 |
| Add: Sales | $ 4,000 |
| Less: ending accounts receivable | $ -28,000 |
| Cash collected on account | $ 1,000 |
Case 2
| beginning accounts receivable | $ 25,000 |
| Add: Sales | $ 4,000 |
| Less: ending accounts receivable | $ -21,500 |
| Cash collected on account | $ 7,500 |
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