45) Based on the following information from a business's financial statements, what amount of accounts receivable change was attributed to sales Sales Ending account receivable a. $37.00 b. $40.00 C. $44.40 d. $48.00 Year 1 ($) 4,440 500 Year 2 ($) 4,795 600

45) Based on the following information from a business's financial statements, what amount of accounts receivable change was attributed to sales Sales Ending account receivable a. $37.00 b. $40.00 C. $44.40 d. $48.00 Year 1 ($) 4,440 500 Year 2 ($) 4,795 600

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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oped Dok H Int 0 ence [The following information applies to the questions displayed below] Forten Company's current year Income statement, comparative balance sheets, and additional Information follow. For the year. (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of Inventory are on credit, and (4) all debits to Accounts Payable reflect Sens cash payments for Inventory. FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income Assets Cash FORTEN COMPANY Comparative Balance Sheets December 31 Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Long-term notes payable Total liabilities…
At what amount will accounts receivable for Anderson Company be reported on the balance sheet if the gross receivable balance is $52,000 and the allowance for doubtful accounts is estimated at 4% of gross receivables? Select one: A. $28,200 B. $49,920 C. $52,960 D. $47,000
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