General Lighting During the first quarter of 2012,the company sold 4,000 batteries on credit for $150 each plus state sales tax of 6%.
-Refer to General Lighting.What is the amount of the accounts receivable as a result of this transaction?

Question

Quizplus · Accepted Answer

The accounts receivable includes both the sales amount and the sales tax. The sales amount is 4,000 batteries x $150 = $600,000. The sales tax is 6% of $600,000, which is $36,000. Therefore, the total accounts receivable is $600,000 + $36,000 = $636,000.

General Lighting During the First Quarter of 2012,the Company Sold