Beginning accounts receivable are $76,000. Sales for the period total $384,000, of which $40,000 was directly for cash. $418,000 was collected from making sales and collecting accounts receivable. What is the ending balance for accounts receivable?
A)$42,000
B)$62,000
C)$82,000
D)$68,000

Question

Quizplus · Accepted Answer

The ending accounts receivable balance is calculated as follows: Beginning accounts receivable ($76,000) + Credit sales ($384,000 - $40,000) - Collections ($418,000) = $42,000.

Beginning Accounts Receivable Are $76,000