The following data are from the company's records for 2013:

-Refer to A-One Construction. What is the balance of Accounts Receivable at December 31, 2013?

Question

The following data are from the company's records for 2013:
 
-Refer to A-One Construction. What is the balance of Accounts Receivable at December 31, 2013?

Quizplus · Accepted Answer

The balance of Accounts Receivable at December 31, 2013 can be found by adding the beginning balance ($530,000) to the credit sales ($3,400,000) and then subtracting the cash collections ($3,415,000). That calculation would result in a balance of $515,000. Therefore, the correct answer is choice C.

The Following Data Are from the Company's Records for 2013