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28 June, 07:04

At December 1, 2022, Sheffield Corp. Accounts Receivable balance was $17810. During December, Sheffield had credit sales of $47700 and collected accounts receivable of $38160. At December 31, 2022, the Accounts Receivable balance is

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  1. 28 June, 07:30
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    The correct answer is $27,350.

    Explanation:

    According to the scenario, the given data are as follows:

    Opening account receivable balance = $17,810

    Credit sales = $47,700

    Amount collected = $38,160

    So, we can calculate the closing accounts receivable balance by using following formula:

    Closing Accounts receivable = Opening account receivable + Credit sale - Amount collected

    By putting the value, we get

    = $17,810 + $47,700 - $38,160

    = $27,350

    Hence, the closing accounts receivable balance is $27,350.
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Home » Business » At December 1, 2022, Sheffield Corp. Accounts Receivable balance was $17810. During December, Sheffield had credit sales of $47700 and collected accounts receivable of $38160. At December 31, 2022, the Accounts Receivable balance is
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