Warren Company began the accounting period with a $32,000 debit balance in its accounts receivable account. During the accounting period, the company recorded revenue on account amounting to $88,000. The accounts receivable account at the end of the accounting period contained a $16,000 debit balance. Based on this information, what is the amount of cash collected from customers during the period?
A. $72,000
B. $104,000
C. $84,000
D. $40,000
Answer: B
You might also like to view...
In non-manufacturing firms, purchasing decisions are authorized by inventory control
Indicate whether the statement is true or false
All of the following are true concerning polygraphs except:
a. Polygraphs are more complicated than voice stress analyzers b. They rarely detect psychopathic liars c. Individuals who pass polygraph tests are probably innocent d. Investigators must inform suspects that they do not have to take a polygraph e. Failure to pass the test implies certain guilt.
For which of the following products would a customer's level of satisfaction with the purchase MOST likely change over time?
A) coffee B) mouthwash C) a car with unexpected service needs D) a pair of jeans E) a DVD
Managers place a high priority on internal control systems because the systems assist managers in all of the following except:
A. Protecting assets. B. Assuring that no loss will occur. C. Promoting efficient operations. D. Ensuring reliable accounting. E. Upholding company policies.