Ask Question
BusinessBusiness
29 June, 06:07

The ending balance of accounts receivable was $74,000. Sales, adjusted to a cash basis using the direct method on the statement of cash flows, were $359,000. Sales reported on the income statement were $385,500. Based on this information, the beginning balance in accounts receivable was:

+4
Answers (1)
  1. 29 June, 06:10
    0
    The beginning balance in accounts receivable was: $47,500

    Explanation:

    Sales reported on the income statement were $385,500, Accounts receivable increased of $385,500 during the period.

    Sales, adjusted to a cash basis using the direct method on the statement of cash flows, were $359,000. The company collected $359,000 from the sales. Accounts receivable decreased of $359,000 during the period.

    The beginning balance in accounts receivable = The ending balance of accounts receivable + Accounts receivable decreased during the period - Accounts receivable increased during the period = $74,000 + $359,000 - $385,500 = $47,500
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “The ending balance of accounts receivable was $74,000. Sales, adjusted to a cash basis using the direct method on the statement of cash ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
The following are budgeted dа ta: January February March Sales in units 15,500 21,000 18,500 Production in units 18,500 19,500 17,400 One pound of material is required for each finished unit.
Answers (1)
Ayayai Corporation had net sales of $2,404,500 and interest revenue of $37,700 during 2017. Expenses for 2017 were cost of goods sold $1,466,900, administrative expenses $214,700, selling expenses $284,600, and interest expense $47,200.
Answers (1)
Pat's taxable income exceeds $157,500 and thus he is required to phase out his QBI deduction. The phase-out calculation is: a. The lesser of 50% of business wages or 25% of wages plus 2.5% of the unadjusted basis of qualifying property b.
Answers (1)
As the president of harter company, you notice that no discounts have been taken when settling accounts payables. what would be an acceptable explanation?
Answers (1)
Ready company has two operating (production departments: assembly and painting. assembly has 150 employees and occupies 44,000 square feet; painting has 100 employees and occupies 36,000 square feet.
Answers (1)
New Questions in Business
The reason for the Fed being set up as an independent agency of government is to:
Answers (1)
Headings in reports that describe the content of the section and may even give a conclusion about the section are called:
Answers (1)
Coronado Company purchased land for $80,000. The company also paid $12,000 in accrued taxes on the property, incurred $5,000 to remove an old building, and received $2,000 from the salvage of the old building.
Answers (1)
Trueview video ads can be especially effective for driving what goals?
Answers (1)
There are three factors that can affect the shape of the Treasury yield curve (r*t, IP_t, and MRP_t) and five factors that can affect the shape of the corporate yield curve (r*t, IP_t, MRPt, DRP_t, and LP_t).
Answers (1)
Home » Business » The ending balance of accounts receivable was $74,000. Sales, adjusted to a cash basis using the direct method on the statement of cash flows, were $359,000. Sales reported on the income statement were $385,500.
Sign Up Forgot Password?