During 20x1 Company X sold $4,000 of inventory on credit. The company's beginning and ending accounts receivable balances were $25,000 and $28,000, respectively. How much cash did Company X collect on the account? If the ending accounts receivable had been $21,500 how much cash would company X have collected?

During 20x1 Company X sold $4,000 of inventory on credit. The company's beginning and ending accounts receivable balances were $25,000 and $28,000, respectively. How much cash did Company X collect on the account? If the ending accounts receivable had been $21,500 how much cash would company X have collected?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12MCQ: Smoltz Company reported the following information for the current year: cost of goods sold,...

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The Liu Company had $600,000 of sales revenue. During the same accounting period the beginning and ending accounts receivable balances were $27,000 and $29,000, respectively. What amount of cash was collected from the customers during this period? A. $600,000 B. $602,000 C. $598,000 D. $2,000
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