General Accounting Horizon Enterprises began the year with an accounts receivable balance of$75,000 and ended the year with an accounts receivable balance of $89,500.During the year, Horizon Enterprises recorded $520,000 in sales on account.How much cash did Horizon Enterprises collect from its customers during theyear?

Step 1: Information givenBeginning Accounts Receivable = $75,000Sales on Account = $520,000Ending…

Answered: Horizon Enterprises began the year with…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter6: Statement Of Cash Flows

Section: Chapter Questions

Problem 14E

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Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
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The Leo 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 company had a beginning balance in accounts receivable of 15,000 USD. At the end of the period, this balance had increased to 34,000 USD. Sales on account during the period were 446,000 USD and sales discounts were 8,900USD. What was the amount of cash collected from customers during the period?
The balance in Accounts Receivable at the beginning of the year was $520,000. The balance in Accounts Receivable at the end of the year was $780,000. Customer accounts of $420,000 were written off. The company collected $4,060,000 from credit customers and $1,010,000 from cash customers. What are credit sales for the year? A) $4,740,000 B) $4,480,000 C) $4,060,000 D) $4,220,000
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At the beginning of the year, ABC's Accounts Receivable balance was $82,300. During the year ABC sold $5,963,000 to its customers on credit. At the end of the year the firm's Accounts Receivable balance was $179,300. How much did ABC receive in payments from its customers over the course of the year?

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