At the beginning of Year 2, Griggs Company had a $64,000 of accounts receivable. During Year 2, Griggs earned revenue on account totaling $336,000. At the end of Year 2, the company had $44,000 of accounts receivable. Required:What was the amount of cash collected from accounts receivable during year 2?
What will be an ideal response?
$356,000
Ending balance of accounts receivable of $44,000 = Beginning balance of accounts receivable
of $64,000 + Sales on account of $336,000 ? Cash collected from customers (the unknown)
Cash collected from customers = $44,000 + $336,000 ? $44,000 = $356,000
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