9 Maxwell Furniture Centre had accounts receivable of $20000 at the beginning of the year and $54000 at year-end. Sales on credit for the year totalled $116000. How much cash did the business collect from customers? a $150000 b $62000 C $116000 d $82000

9 Maxwell Furniture Centre had accounts receivable of $20000 at the beginning of the year and $54000 at year-end. Sales on credit for the year totalled $116000. How much cash did the business collect from customers? a $150000 b $62000 C $116000 d $82000

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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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

9 Maxwell Furniture Centre had accounts receivable of $20000 at the beginning of the year
and $54000 at year-end. Sales on credit for the year totalled $116000. How much cash did
the business collect from customers?
a $150 000
b $62 000
C $116000
d $82000

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