Minion Corp. has the following information available for 20X1: Beginning Accounts Receivable account balance (Jan 1) $ 65,000 Accounts receivable specifically written-off during the year 10,000 Credit sales during the year 1,540,000 Collections on account during the year 1,520,000 Question: What is Minion's "Accounts Receivable" account balance at the end of 20X1

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Business

Rogelio Lee

8 June, 01:32

Minion Corp. has the following information available for 20X1: Beginning Accounts Receivable account balance (Jan 1) $ 65,000 Accounts receivable specifically written-off during the year 10,000 Credit sales during the year 1,540,000 Collections on account during the year 1,520,000 Question: What is Minion's "Accounts Receivable" account balance at the end of 20X1

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Franco · Answer 1

Minion's "Accounts Receivable" account balance at the end of 20X1 is $75,000

Explanation:

Beginning Accounts Receivable account balance (Jan 1) $ 65,000

Accounts receivable specifically written-off during the year 10,000

Credit sales during the year 1,540,000

Collections on account during the year 1,520,000

Ending account receivable balance = Beginning Accounts Receivable account balance + Credit sales during the year - Accounts receivable specifically written-off during the year - Collections on account during the year

Ending account receivable balance = $65,000 + 1,540,000 - $10,000 - $1,520,000

Ending account receivable balance = $75,000