In its December 31, 2023, financial statements, Horizon Tech Inc. reported a beginning accounts receivable balance of $295,000 and an ending accounts receivable balance of $362,000. For the year ended December 31, 2023, Horizon reported credit sales totaling $3,910,000. All sales were made on credit. Calculate the amount of cash collected from customers during the year.

In its December 31, 2023, financial statements, Horizon Tech Inc. reported a beginning accounts receivable balance of $295,000 and an ending accounts receivable balance of $362,000. For the year ended December 31, 2023, Horizon reported credit sales totaling $3,910,000. All sales were made on credit. Calculate the amount of cash collected from customers during the year.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 12Q: Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales...

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