Financial Chapter 5 HW Calculator eBook Brief Exercise 5-51 1. MC.05.11 2. MC.05

Question

Financial Chapter 5 HW Calculator eBook Brief Exercise 5-51 1. MC.05.11 2. MC.05.12 3. ??.05.31 Accounts Receivable Balance Ray's beginning and ending accounts receivable balances are $147,990 and $142,720, respectively. Ray's sold $3,745,060 of merchandise, of which 50% was on credit. Required Determine the amount of cash collections for the period 4. BE.05.49 5. BE.05.46 6. BE.05.51 7. BE.05.58 8. CE.05.28 ALGO 9. CE-0526-ALGO 10. ??.05.25ALGO 1,581,820 X Feedback Check My Work Using T-accounts, start with the balance at the beginning of the year and make the necessary debits and/or credits for the transactions that year

Explanation / Answer

Credit sales = $3,745,060 * 50% = $1,872,530

Amount of cash collections = $147,990 + $1,872,530 - $142,720 = $1,877,800

Related Questions

Navigate

• Browse (All)
• Browse F
• Subjects

---

---

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