Goodloe Corporation's credit sales for Year 1 were $500,000,and the balance in its accounts receivable increased by $26,000 during the year.In Year 1,Goodloe collected $526,000 in cash from its customers.

Question

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The increase in accounts receivable indicates that the company collected $26,000 less from customers than it recorded in credit sales.Therefore,collections would have been $474,000 (or $500,000- $26,000).

Goodloe Corporation's Credit Sales for Year 1 Were $500,000,and the Balance