Land Reclamation Industries began the year with $46,700 in Accounts Receivable and ended the year with $31,900 in Accounts Receivable.If sales for the year were $687,000,the cash collected from customers during the year amounted to:
A) $655,100
B) $672,200
C) $701,800
D) $733,700

Question

Quizplus · Accepted Answer

The cash collected from customers is calculated by adding the beginning Accounts Receivable to sales and then subtracting the ending Accounts Receivable: $46,700 + $687,000 - $31,900 = $701,800.

Land Reclamation Industries Began the Year with $46,700 in Accounts