Droopy Inc. has an Accounts Receivable balance of $100,000 as of February 29, 2020. In March,...
Droopy Inc. has an Accounts Receivable balance of $100,000 as of February 29, 2020. In March, Droopy Inc. sells $200,000 on account. Their Accounts Receivable balance as of March 31, 2020 is $180,000. What were Droopy's March cash collections?
Group of answer choices
a. 80,000
b. 220,000
c. 280,000
d. 120,000
Homework Answers
Ending AR=Beginning AR+Credit sales-Cash collections
180,000=100,000+200,000-Cash collections
Cash collections=100,000+200,000-180,000
=$120,000
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