Ask Question
BusinessBusiness
9 December, 23:12

On December 31, 2016, Alsfeld Company had a $122,550 balance in Accounts Receivable. During the year 2017, the company collected $200,000 from its credit customers. The December 31, 2017 balance of the Accounts Receivable was $170,650.

Determine the amount of sales on accounts for 2017.

what is the right answer?

A. $156,000

B. $248,100

C. $253,100

D. $156,900

+3
Answers (2)
  1. 10 December, 00:47
    0
    B. $248,100

    Explanation:

    We post how the ending accounts receivable is solve for:

    Begining AR 122,550

    Sales on Account X

    Collected (200,000)

    Ending 170,650

    And now, we work the equation to get sales on accounts:

    Sales on account = ending + collected - beginning AR

    sales = 170,650 + 200,000 - 122,550 =
  2. 10 December, 01:05
    0
    B. $ 248,100 is the sales on account

    Explanation:

    The Receivables movement is determined as follows:

    Opening receivables + Net Sales - Collections = Closing balance

    We solve this equation so that

    Net sales = Closing balance + collections - opening balance

    Net sales = $ 170,650 + $ 200,000 - $ 122,550

    Net sales = $ 248,100
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “On December 31, 2016, Alsfeld Company had a $122,550 balance in Accounts Receivable. During the year 2017, the company collected $200,000 ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Hordel Company needs to determine a markup for a new product. Hordel expects to sell 5,000 units and wants a target profit of $82 per unit.
Answers (1)
A summary record of each person's earning, deductions, and net pay is called a/an
Answers (2)
A client erroneously recorded a large purchase twice. Which of the following internal control measures would be most likely to detect this error in a timely and efficient manner?
Answers (1)
Can a financial institution keep borrowers from engaging in risky activities if there are no restrictive covenants written into the loan agreement?
Answers (1)
What is the grace period on a credit card?
Answers (1)
New Questions in Business
After Sunshine Systems merged with RTD Enterprises, company executives noticed that due to increased employee collaboration between the two units, costs were down and revenues increased within both areas.
Answers (1)
When the consumer price index rises, the typical family a. has to spend more dollars to maintain the same standard of living. b. can spend fewer dollars to maintain the same standard of living. c. finds that its standard of living is not affected. d.
Answers (1)
A magazine subscription costs $45 per year at the beginning of each year, or $115 now for a three-year subscription. If the subscriber elects to pay the $115 now, the rate of return on the investment will be nearest to:
Answers (2)
The second step in rational decision making is to: choose the solution that maximizes value. identify the criteria that are important in making the decision. evaluate the alternatives. implement the alternative.
Answers (1)
What impact will a spike in wages cause to the labor demand curve?
Answers (1)
Home » Business » On December 31, 2016, Alsfeld Company had a $122,550 balance in Accounts Receivable. During the year 2017, the company collected $200,000 from its credit customers. The December 31, 2017 balance of the Accounts Receivable was $170,650.
Sign Up Forgot Password?