Crossland Corporation reported sales on its income statement of $435,000. On the statement of cash flows, which used the direct method, sales adjusted to a cash basis were $455,000. Crossland Corporation reported the following account balances on its balance sheet for the year: Ending BalanceBeginning BalanceAccounts receivable$30,000 ? Prepaid expenses$14,000 $11,000 Inventory$18,000 $20,000 Based on this information, the beginning balance in accounts receivable was:
A. $30,000
B. $40,000
C. $50,000
D. $20,000
Answer: C
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