The CHS Company has provided the following information: • Accounts receivable written-off as uncollectible during the year amounted to $13,100. The accounts receivable balance at the beginning of the year was $310,000. The accounts receivable balance at the end of the year was $370,000. • The allowance for doubtful accounts balance at the beginning of the year was $15,600. • The allowance for doubtful accounts balance at the end of the year after the recording of bad debt expense was $14,500. . Credit sales during the year totaled $980,000. How much cash was received from collections of accounts receivable? Multiple Choice $610,000 $623,100 $966.900
The CHS Company has provided the following information: • Accounts receivable written-off as uncollectible during the year amounted to $13,100. The accounts receivable balance at the beginning of the year was $310,000. The accounts receivable balance at the end of the year was $370,000. • The allowance for doubtful accounts balance at the beginning of the year was $15,600. • The allowance for doubtful accounts balance at the end of the year after the recording of bad debt expense was $14,500. . Credit sales during the year totaled $980,000. How much cash was received from collections of accounts receivable? Multiple Choice $610,000 $623,100 $966.900
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
Hh2.
Account
Transcribed Image Text:The CHS Company has provided the following information:
• Accounts receivable written-off as uncollectible during the year amounted to $13,100.
• The accounts receivable balance at the beginning of the year was $310,000.
The accounts receivable balance at the end of the year was $370,000.
• The allowance for doubtful accounts balance at the beginning of the year was $15,600.
• The allowance for doubtful accounts balance at the end of the year after the recording of bad debt expense was $14,500.
.
• Credit sales during the year totaled $980,000.
How much cash was received from collections of accounts receivable?
Multiple Choice
$610,000
$623,100
$966.900
Transcribed Image Text:RJ Corporation has provided the following information about one of its inventory items:
Date
1/1
6/6
9/10
11/15
Transaction
Beginning Inventory.
Purchase
Purchase
Purchase.
Multiple Choice
$11,912,900.
During the year, RJ sold 3,060 units.
What was cost of goods sold using the LIFO cost flow assumption?
$12,112,180
Number of
Units
406
806
$11.988511
1,230
806
Cost per
Unit
$3,260
$3,630
$4,060
$4,320
Save &
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education