Sales on account (all are collectible) amounted to $560,000 during 2019. Accounts receivable were $112,000 on...
Sales on account (all are collectible) amounted to $560,000 during 2019. Accounts receivable were $112,000 on January 1, 2019 and $98,000 on December 31, 2019. How much cash was collected from customers during the year ended December 31, 2019?
a) $462,000.
b) $574,000.
c) $546,000.
d) $560,000.
Homework Answers
Cash collected from customers
= Sales on account + Beginning accounts receivable - Ending accounts receivable
= 560,000 + 112,000 - 98,000
= 574,000
Option B is the answer
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