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14 March, 01:49

Holmes Furniture Center had accounts receivable of $ 23 comma 000 at the beginning of the year and $ 59 comma 000 at year-end. Revenue for the year totaled $ 112 comma 000. How much cash did the business collect from customers?

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  1. 14 March, 02:08
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    The amount of cash that business collected from the customers is $76,000.

    Explanation:

    Formula used for taking out the cash collected by business -

    Accounts receivables at the beginning of the period

    +

    Revenue collected in the year

    -

    Accounts receivables at the end of the period

    Given information -

    Accounts receivables at the beginning of the period = $23,000

    Revenue collected in the year = $112,000

    Accounts receivables at the end of the period = $59,000

    Cash collected = $23,000 + $112,000 - $59,000

    = $76,000
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