Magnolia Corporation began 2016 with Accounts Receivable of $580,000. Service revenue, all on account, for the year, totaled $2,600,000. Magnolia ended the year with accounts receivable of $600,000. Magnolia's bad-debt losses are nonexistent. How much cash did Magnolia collect from customers in 2016?

Magnolia Corporation began 2016 with Accounts Receivable of $580,000. Service revenue, all on account, for the year, totaled $2,600,000. Magnolia ended the year with accounts receivable of $600,000. Magnolia's bad-debt losses are nonexistent. How much cash did Magnolia collect from customers in 2016?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 12EB: Clovis Enterprises reports $845,500 in credit sales for 2018 and $933,000 in 2019. It has a $758,000...

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