The comparative balance sheets of Sloan Company reveal that accounts receivable (before deducting allowances) increased by...
The comparative balance sheets of Sloan Company reveal that accounts receivable (before deducting allowances) increased by $15,000 in 2016. During the same time period, the allowance for uncollectible accounts increased by $2,100. If sales revenue was $120,000 in 2016 and bad debts expense was 1% of sales, how much cash was collected from customers during the year?
Homework Answers
Bad debt expense = 120000*1% = 1200
Cash Collection = Sales revenue-Account receivable increase
= 120000-15000
Cash collection = 105000
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The comparative balance sheets of Sloan Company reveal that
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