During 2022 Sheffield Corp. had sales on account of $709000, cash sales of $307000, and collections on account of $508000. In addition, they collected $9400 which had been written off as uncollectible in 2021. As a result of these transactions the change in the accounts receivable indicates a $191600 increase. $201000 increase. $516000 increase. $508000 increase.
During 2022 Sheffield Corp. had sales on account of $709000, cash sales of $307000, and collections on account of $508000. In addition, they collected $9400 which had been written off as uncollectible in 2021. As a result of these transactions the change in the accounts receivable indicates a $191600 increase. $201000 increase. $516000 increase. $508000 increase.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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During 2022 Sheffield Corp. had sales on account of $709000, cash sales of $307000, and collections on account of $508000. In addition, they collected $9400 which had been written off as uncollectible in 2021. As a result of these transactions the change in the
$191600 increase.
$201000 increase.
$516000 increase.
$508000 increase.
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