Get Answer for required Finance Question Question: 43Magnolia Corporation began 2016 with Accounts Receivable of $580,000.Service revenue, all on account, for the year, totaled $2,600,000. Magnoliaended the year with accounts receivable of $600,000. Magnolia's bad-debtlosses are nonexistent.How much cash did Magnolia collect from customers in 2016?

Step 1: Define Accounts Receivables:On the balance sheet, accounts receivable (AR) is reported as a…

Answered: Question: 43 Magnolia Corporation began…

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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Rosewood corporation began 2018 with a balance in accounts receivable of $575,000. Service revenue, all on account, for the year totaled $2,000,000. The company ended the year with a balance in accounts receivable of $800,000. Rosewoods bad debt write offs are nonexistent. How much cash did the comapny collect from customers in 2018? a.$1,775,000 b.$2,225,000 c.$2,800,000 d.$2,000,000
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Morgan company reported the following solve this general accounting question
What is the net realizable value...
The comparative balance sheet of Sloan company reveal that accounts receivable (before deducting allowance) increased by $15,000 in 2016. During the same period, the allowance for uncollectible accounts increased by $2,100. If sales revenue was $120,000 in 2016nand bad debt expenses were 2% of sales, how much cash was collected from customers during the year? Please show the work.
The following information is related to December 31, 2016 balances.Accounts receivable $1,400,000 Allowance for doubtful accounts 120,000 Cash realizable value 1,280,000 During 2017 sales on account were $390,000 and collections on account were $230,000. Also, during 2017 the company wrote off $22,000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that bad debts should be estimated at $144,000. Bad debt expense for 2017 is: a. $46,000b. $24,000c. $144,000d. $ 2,000
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Miller Company reported the following information in its 2017 financial statements ($ in millions) 2017 2016 $2,347.8 $1,675.0 $18,477.6 Balance sheet: Accounts receivable, net Income statement sales revenue A note disclosed that the allowance for uncollectible accounts had a balance of $30.4 million and $30.1 million at the end of 2017 and 2016, respectively. Bad debt expense for 2017 was $20,4 million Required: Determine the amount of cash collected from customers during 2017. (All sales are on credit. Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Cash cofections S 18.004.5
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