Homework Help is Here – Start Your Trial Now!
Business
Accounting
The following information is available for Reigen Company relating to 2019 operations:   Accounts Receivable, January 1                                                                 4,000,000 Accounts receivable collected                                                                    8,400,000 Cash sales                                                                                                           2,000,000 Inventory, Jan. 1                                                                                              4,800,000 Inventory, Dec. 31                                                                                           4,400,000 Purchases                                                                                                           8,000,000 Gross Margin on Sales                                                                                   4,200,000   What is the balance of accounts receivable on December 31, 2019?

The following information is available for Reigen Company relating to 2019 operations:   Accounts Receivable, January 1                                                                 4,000,000 Accounts receivable collected                                                                    8,400,000 Cash sales                                                                                                           2,000,000 Inventory, Jan. 1                                                                                              4,800,000 Inventory, Dec. 31                                                                                           4,400,000 Purchases                                                                                                           8,000,000 Gross Margin on Sales                                                                                   4,200,000   What is the balance of accounts receivable on December 31, 2019?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

The following information is available for Reigen Company relating to 2019 operations:

 

Accounts Receivable, January 1                                                                 4,000,000

Accounts receivable collected                                                                    8,400,000

Cash sales                                                                                                           2,000,000

Inventory, Jan. 1                                                                                              4,800,000

Inventory, Dec. 31                                                                                           4,400,000

Purchases                                                                                                           8,000,000

Gross Margin on Sales                                                                                   4,200,000

 

What is the balance of accounts receivable on December 31, 2019?

Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Ratio Analysis
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.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS