A company reported the following information: $\begin{array}{llcc}
\text { Accounts receivable, December 31, 2014 } & \$ 122,000 \
\text { Accountsreceivable, December 31, 2013 } & 113,000 \
\text { Sales (all on credit) for 2014 } & 850,000 \
\end{array}$
How much cash was collected from customers during 2014?
A)$972,000
B)$841,000
C)$859,000
D)$963,000

Question

A company reported the following information: $\begin{array}{llcc}
  \text { Accounts receivable, December 31, 2014   } & \$ 122,000  \
 \text { Accountsreceivable, December 31, 2013 } & 113,000 \
 \text { Sales (all on credit) for 2014 } & 850,000 \
\end{array}$
 How much cash was collected from customers during 2014?
A)$972,000
B)$841,000
C)$859,000
D)$963,000

Quizplus · Accepted Answer

The cash collected from customers is calculated as: Beginning Accounts Receivable + Sales - Ending Accounts Receivable = $113,000 + $850,000 - $122,000 = $841,000.

A Company Reported the Following Information How Much Cash Was Collected from Customers During 2014? A)$972,000

A Company Reported the Following Information How Much Cash Was Collected from Customers During 2014?
A)$972,000