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Lisa Company began operations in 2018. For the year ended December 31, 2018, Lisa made available the following information:   Total merchandise purchases for the year                                            7,000,000 Merchandise inventory at December 31                                                 1,400,000 Collection from customers                                                                        4,000,000   All merchandise was marked to sell at 40% above cost. All sales are on a credit basis and all receivables are collectible.   What is the balance of accounts receivable on December 31, 2018?

Lisa Company began operations in 2018. For the year ended December 31, 2018, Lisa made available the following information:   Total merchandise purchases for the year                                            7,000,000 Merchandise inventory at December 31                                                 1,400,000 Collection from customers                                                                        4,000,000   All merchandise was marked to sell at 40% above cost. All sales are on a credit basis and all receivables are collectible.   What is the balance of accounts receivable on December 31, 2018?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Lisa Company began operations in 2018. For the year ended December 31, 2018, Lisa made available the following information:

 

Total merchandise purchases for the year                                            7,000,000

Merchandise inventory at December 31                                                 1,400,000

Collection from customers                                                                        4,000,000

 

All merchandise was marked to sell at 40% above cost. All sales are on a credit basis and all receivables are collectible.

 

What is the balance of accounts receivable on December 31, 2018? 

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