On January 1, 2016, Ivanhoe Industries’ Accounts Receivable balance was $13,700; on December 31, 2016, it...
On January 1, 2016, Ivanhoe Industries’ Accounts Receivable
balance was $13,700; on December 31, 2016, it was $17,300. Sales
revenue for the year was $144,180.
Calculate the cash received from customers in 2016.
| Cash received from customers |
Homework Answers
| Cash received from customers |
| Opening balance of Accounts Receivable on Jan 1 2016 | 13,700 |
| Sales revenue for the year | 144,180 |
| Total | 157,880 |
| Closing balance of Accounts Receivable in Dec 31 2016 | (17,300) |
| Cash received from customers | 140,580 |
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On January 1, 2016, Ivanhoe Industries’ Accounts Receivable
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Problem 7-6
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1.
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Problem 7-6
The balance sheet of Ivanhoe Company at December 31, 2016,
includes the following.
Notes receivable
$51,200
Accounts receivable
195,600
Less: Allowance for doubtful accounts
24,600
$222,200
Transactions in 2017 include the following.
1.
Accounts receivable of $151,300 were collected including
accounts of $67,500 on which 4% sales discounts were allowed.
2.
$5,670 was received in payment of an account which was written
off the books as worthless in 2016.
3.
Customer accounts of $24,800 were written off during...
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