On January 1, Year 2, the balance of Jacobs Corporation's Accounts Receivable was $34,000. Sales on account for Year 2 amounted to $188,000 and the ending balance of Accounts Receivable was $53,000. What is the amount of cash collected from customers?

Question

Quizplus · Accepted Answer

The cash collected from customers can be calculated using the formula: Beginning Accounts Receivable + Sales on Account - Ending Accounts Receivable. Thus, $34,000 + $188,000 - $53,000 = $169,000.

On January 1, Year 2, the Balance of Jacobs Corporation's