Crossland Company reported sales on its income statement of $435,000. On the statement of cash flows, which used the direct method, sales adjusted to a cash basis were $455,000. Crossland Company reported the following ending and beginning balances on its balance sheet for the year: Accounts receivable $30,000 ? Prepaid expenses $14,000 $11,000 Inventory $18,000 $20,000 Based on this information, the beginning balance in accounts receivable was a. $30,000 b. $50,000 c. $40,000 d. $20,000
Crossland Company reported sales on its income statement of $435,000. On the statement of cash flows, which used the direct method, sales adjusted to a cash basis were $455,000. Crossland Company reported the following ending and beginning balances on its balance sheet for the year: Accounts receivable $30,000 ? Prepaid expenses $14,000 $11,000 Inventory $18,000 $20,000 Based on this information, the beginning balance in accounts receivable was a. $30,000 b. $50,000 c. $40,000 d. $20,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Crossland Company reported sales on its income statement of $435,000. On the statement of cash flows, which used the direct method, sales adjusted to a cash basis were $455,000. Crossland Company reported the following ending and beginning balances on its balance sheet for the year:
a. $30,000
b. $50,000
c. $40,000
d. $20,000
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