The following information is available for Closer Company relative to 2014 operations:

What is Closer Company's accounts receivable balance at December 31,2014?

Question

The following information is available for Closer Company relative to 2014 operations:

What is Closer Company's accounts receivable balance at December 31,2014?

Quizplus · Accepted Answer

The accounts receivable balance is found under the current assets section of the balance sheet. In this case, the current assets at December 31, 2014, are $174,000, and the only other current asset listed is inventory with a balance of $112,000. Thus, the difference ($174,000 - $112,000) must be the accounts receivable balance, which is $62,000. Therefore, choice B is the correct answer.

The Following Information Is Available for Closer Company Relative to 2014