Sparrow Company had a $220,000 beginning balance in Accounts Receivable. During the year, credit sales were $750,000 and customers' accounts collected were $640,000. What was the net amount of receivables included in the current assets at the end of the year, before any provision was made for doubtful accounts?

Sparrow Company had a $220,000 beginning balance in Accounts Receivable. During the year, credit sales were $750,000 and customers' accounts collected were $640,000. What was the net amount of receivables included in the current assets at the end of the year, before any provision was made for doubtful accounts?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 3CP: At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in...

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Bourne Company had a $150,000 beginning balance in Accounts Receivable and a $6,000 credit balance in the Allowance for Doubtful Accounts. During the year, credit sales were $ 600,000 and customers' accounts collected were $590, 000. Also, $4,000 in worthless accounts were written off. What was the net amount of receivables included in the current assets at the end of the year, before any provision was made for doubtful accounts? Select one: A. $120,000 B. $130, 000 C. $126,000 D. $154,000
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At the end of the prior year, Company reported the following information: Accounts Receivable (Gross) were $125,000 and Allowance for Doubtful Accounts were $2,400. During the current year, sales on account were $150,000, collections on account were $165,000, write-off of bad debts were $6,500, and the bad debt expense adjustment was $5,500. Show how the amounts related to Accounts Receivable would be reported on the balance sheet for the current year. Disregard income tax considerations.