Multiple Choice Question? Could I Have Some Help
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Multiple Choice Question? Could I Have Some Help

[From: ] [author: ] [Date: 12-04-12] [Hit: ]
....25,What amount of cash was collected from customers during the year?......
Sales on account for the year totaled $200,000. The following information is also available from the accounting system:

Accounts Receivable Balances
Beginning of year.....$30,000
End of year.....25,000

What amount of cash was collected from customers during the year?

$200,000
$195,000
$205,000
$170,000

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The balance of Accounts Receivable is the amount customers owe you. When that balance goes down, it means people are paying you. If sales for the year totaled $200,000, and you got another $5000 from people paying what they owed you, then all together you collected $205,000 from customers.
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