Cash to accrual accounting.The following information is available for Renn Corporation's first year of operations: The balance in accounts payable relates only to merchandise purchases. All merchandise items were marked to sell at 35% above cost. What should be the ending balance in accounts receivable, assuming all accounts are deemed collectible?

Question

Cash to accrual accounting.The following information is available for Renn Corporation's first year of operations:  The balance in accounts payable relates only to merchandise purchases. All merchandise items were marked to sell at 35% above cost. What should be the ending balance in accounts receivable, assuming all accounts are deemed collectible?

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The Answer of Cash to accrual accounting.The following information is available for Renn Corporation's first year of operations:  The balance in accounts payable relates only to merchandise purchases. All merchandise items were marked to sell at 35% above cost. What should be the ending balance in accounts receivable, assuming all accounts are deemed collectible?

Cash to Accrual Accounting