During 2011, XYZ Corporation wrote offaccounts receviable totalling $25,000 and

Question

During 2011, XYZ Corporation wrote offaccounts receviable totalling $25,000 and made sales, all on accounts, of $710,000. Oher information about the company's sales activities follows:
Begining of 2011 End of 2011
A/C receviable $170,000 $140,000
Allowance for
Uncollectible A/c 22,000 50000

In addition in Feb2011 XYZ accepted a $ 6000 note for a cusome whose a/c was over due. King collected $2,300 on this note during Dec 2011.

Required: Prepare a schedule showing he amount of cash collected from customer during 2011.

Explanation / Answer

710,000 sales +30,000 Decrease in receivables -25,000 write offs -6,000 note +2,300 collection on note = 711,300 cash collected

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