Based on this information: And given the following selected balance sheet inform

Question

Based on this information: And given the following selected balance sheet information for the same company:

And given the following selected balance sheet information in information for the same company:

Calculate the percentage increase in Accounts Receivable from 12/31/X1 to 12/31/X2

a. 33%

b. 50%

c. 150%

d. None of the above

20X1 20X2 Net Sales Revenues $200,000 $250,000 Less: Cost of Goods Sold $120,000 $135,000 Gross Margin $80,000 $115,000 Less: Operating Expenses $60,000 $70,000 Net Income $20,000 $35,000

Explanation / Answer

Solution.

b. 50%

Calculation of the percentage increase in Accounts Receivable from 12/31/X1 to 12/31/X2

Accounts Receivable of 2001 = $20,000

Accounts Receivable of 2002 = $30,000

% change = $10,000 / $20,000 = 50%

Related Questions

Navigate

• Browse (All)
• Browse B
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.