On January 1,the balance of Fink Corporation's accounts receivable was $10,000.Sales on account amounted to $80,000 during the Year.The ending balance of accounts receivable was $16,000.What is the amount of cash collected from customers?
A) $64,000
B) $90,000
C) $86,000
D) $74,000

Question

Quizplus · Accepted Answer

The cash collected from customers can be calculated by adding the beginning accounts receivable to the sales on account and then subtracting the ending accounts receivable: $10,000 + $80,000 - $16,000 = $74,000.

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