Bristol Corporation reported a $6,200 balance in accounts receivable on January 1,2016.During the year $49,600 of sales on account were made.If the ending balance of accounts receivable amounts to $25,000,what is the amount of cash received from customers?
A)$24,600
B)$25,000
C)$30,800
D)$68,400

Question

Quizplus · Accepted Answer

We can use the formula:

Beginning balance + Credit sales - Ending balance = Cash received

Substituting the given values, we get:

$6,200 + $49,600 - $25,000 = Cash received

Simplifying:

$55,800 = Cash received

Therefore, the correct answer is C) $30,800.

Bristol Corporation Reported a $6,200 Balance in Accounts Receivable on January