Henry Company's Accounts Receivable increased by $800 during the year. If they also reported Net Credit...
Henry Company's Accounts Receivable increased by $800 during the year. If they also reported Net Credit Sales of
$29,800, how much cash was received from their credit customers?
|
A) |
$26,400. |
|
B) |
$29,000. |
|
C) |
$29,800. |
|
D) |
$30,600. |
|
E) |
$32,400. |
Homework Answers
Let beginning AR=$1000
Ending AR=($1000+800)=$1800
Ending AR=Beginning AR+Net Credit Sales-Cash collections
1800=1000+29800-Cash collections
Cash collections=1000+29800-1800
=$29000.
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