The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2025 and December 31, 2025: Accounts payable Accounts receivable Common stock Inventory Land Notes payable Retained earnings Salaries payable January 1 $ 42,000 $ 25,000 $110,000 $ 25,000 $ 60,000 $ 83,000 $ 30,000 $ 19,000 December 31 $ 36,000 $ 17,000 $180,000 $ 28,000 $ 73,000 $122,000 $ 46,000 $ 13,000
The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2025 and December 31, 2025: Accounts payable Accounts receivable Common stock Inventory Land Notes payable Retained earnings Salaries payable January 1 $ 42,000 $ 25,000 $110,000 $ 25,000 $ 60,000 $ 83,000 $ 30,000 $ 19,000 December 31 $ 36,000 $ 17,000 $180,000 $ 28,000 $ 73,000 $122,000 $ 46,000 $ 13,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following selected account balances were taken from
Buckeye Company's general ledger at January 1, 2025 and
December 31, 2025:
Accounts payable
Accounts receivable
Common stock
Inventory
January 1
$ 42,000
$ 25,000
$110,000
Sales revenue
Cost of goods sold
Salaries expense
Net income
$ 25,000
$ 60,000
Land
Notes payable
Retained earnings
Salaries payable
Buckeye Company's 2025 income statement is given below:
December 31
$ 36,000
$ 17,000
$180,000
$ 28,000
$ 73,000
$122,000
$ 46,000
$ 13,000
$ 83,000
$ 30,000
$ 19,000
$420,000
$269,000
$ 93,000
$ 58,000
Calculate the amount of cash collected from customers during
2025.
Expert Solution
Step 1
Calculation of cash collected from customers during 2025:
Accounts Receivable
Debit Credit
| Date | Particulars | Amount | Date | Particulars | Amount |
| Jan 1 | opening balance | 25,000 | Amount collected | 428,000 | |
| Sales | 420,000 | Dec 31 | closing balance | 17,000 | |
| Total | 445,000 | Total | 445,000 |
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