In the balance sheet at the end of its first year of operations, Dinty Inc. repo

Question

In the balance sheet at the end of its first year of operations, Dinty Inc. reported an allowance for uncollectible accounts of $82,800. During the year, Dinty wrote off $31,300 of accounts receivable it had attempted to collect and failed. Credit sales for the year were $2,310,000, and cash collections from credit customers totaled $1,910,000.

What accounts receivable balance would Dinty report in its first year-end balance sheet?

A.) $368,700

B.) None of the above is correct.

C.) $348,500

D.) $317,200

In the balance sheet at the end of its first year of operations, Dinty Inc. reported an allowance for uncollectible accounts of $82,800. During the year, Dinty wrote off $31,300 of accounts receivable it had attempted to collect and failed. Credit sales for the year were $2,310,000, and cash collections from credit customers totaled $1,910,000.

What accounts receivable balance would Dinty report in its first year-end balance sheet?

A.) $368,700

B.) None of the above is correct.

C.) $348,500

D.) $317,200

Explanation / Answer

Accounts receivable balance in its first year-end balance sheet = 2310000-1910000-31300= $368700 OptionA is correct

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