On January 1,2016,the balance of Jacobs Corporation's Accounts Receivable was $40,000.Sales on account for 2016 amounted to $320,000 and the ending balance of Accounts Receivable was $64,000.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 = Cash Collected. Thus, $40,000 + $320,000 - $64,000 = $296,000.

On January 1,2016,the Balance of Jacobs Corporation's Accounts Receivable Was