What is the amount of cash collected from customer? On January 1, 2015, Accounts Receivable was$20,000. Sales on account for 2015 totaled$160,000. The ending balance of AccountsReceivable was $32,000.What is the amount of cash collected fromcustomers?a. $128,000b. $148,000c. $172,000d. $180,000

Step 1: Definition of Credit SalesCredit sales refer to sales made on account, where payment is…

Answered: On January 1, 2015, Accounts Receivable…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 42P

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On January 1, 2015, Accounts Receivable was $20,000. Sales on account for 2015 totaled $160,000. The ending balance of Accounts Receivable was $32,000. What is the amount of cash collected from customers? a. $128,000 b. $148,000 c. $172,000 d. $180,000