On June 30, Sterling Corp. had an Accounts Receivable balance of $25,000. During the month of July, total credits to Accounts Receivable were $72,000 from customer payments. The July 31 Accounts Receivable balance was $19,500. What was the amount of credit sales during July? a. $66,500 b. $78,500 c. $52,500 d. $72,000 e. $81,500

On June 30, Sterling Corp. had an Accounts Receivable balance of $25,000. During the month of July, total credits to Accounts Receivable were $72,000 from customer payments. The July 31 Accounts Receivable balance was $19,500. What was the amount of credit sales during July? a. $66,500 b. $78,500 c. $52,500 d. $72,000 e. $81,500

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 43E: Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required:...

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