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On January 1, 2023, Sterling Tech Corp. had an Accounts Receivable balance of $25,000. The sales on account for 2023 totalled $180,000, and the ending balance of Accounts Receivable was $40,000. How much cash was collected from customers during 2023?

On January 1, 2023, Sterling Tech Corp. had an Accounts Receivable balance of $25,000. The sales on account for 2023 totalled $180,000, and the ending balance of Accounts Receivable was $40,000. How much cash was collected from customers during 2023?

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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How much cash was collected from customers during 2023 on these general accounting question?

On January 1, 2023, Sterling Tech Corp. had an Accounts Receivable balance of $25,000. The sales on account for 2023 totalled $180,000, and the ending balance of Accounts Receivable was $40,000. How much cash was collected from customers during 2023?
Transcribed Image Text:On January 1, 2023, Sterling Tech Corp. had an Accounts Receivable balance of $25,000. The sales on account for 2023 totalled $180,000, and the ending balance of Accounts Receivable was $40,000. How much cash was collected from customers during 2023?
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