On January 1,2014,,the balance of Fink Corporation's accounts receivableAccounts Receivable was $10,000.Sales on account for 2014 amounted to $80,000 during the year.The and the ending balance of accounts receivableAccounts Receivable was $16,000.What is the amount of cash collected from customers?

Question

Quizplus · Accepted Answer

Beginning balance + Revenue recognized on account - Cash collections from customers = Ending balance
$10,000 + $80,000 - Cash collections from customers = $16,000
Cash collections from customers = $10,000 + $80,000 - $16,000 = $74,000

On January 1,2014,,the Balance of Fink Corporation's Accounts ReceivableAccounts Receivable