Music Corporation
The data below is for Music Corporation for 2015.
-Refer to the data for Music Corporation.
What is the balance of Accounts Receivable at December 31, 2015?

Question

Music Corporation
The data below is for Music Corporation for 2015. 
-Refer to the data for Music Corporation.
What is the balance of Accounts Receivable at December 31, 2015?

Quizplus · Accepted Answer

The balance of Accounts Receivable at December 31, 2015 can be found by adding the beginning balance of $350,000 to the credit sales of $2,100,000, and then subtracting the collections of $1,992,000. This calculation results in a balance of $458,000 (option C).

Music Corporation The Data Below Is for Music Corporation for 2015