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Balance Sheet Question Need Help
Accounting Homework Helper
On this website can anyone please explain to me how the accounts receivable of $51,000 on the balance sheet was obtained? I am confused, its an increase of $15,000 and I tried figuring it out from the cash collections but to no avail |
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The ending Receivable amount should be 51,000 because of your sales. The information provided is sales are for 40% cash and 60% credit. Also your credit sales are paid in full in the month following the sale. So you only need t consider the March sales of $85,000 times 60% equals $51,000
The 31 Dec Accounts Receivable balance will be received in Jan. Your Jan credit sales will be received in Feb and your Feb sales will be received in March, so in March you only need to consider the March credit sales. |
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