buckley company started in year 1 by issuing stock for $17,000 cash. During year
ID: 2335599 • Letter: B
Question
buckley company started in year 1 by issuing stock for $17,000 cash. During year 1, buckley earned $12,500 of revenue on account. the company collected $6,000 cash from accounts receivable and paid $4,000 cash for operating expenses. based on this information alone, the balance in accounts receivable as of december 31, year 1 is what?buckley company started in year 1 by issuing stock for $17,000 cash. During year 1, buckley earned $12,500 of revenue on account. the company collected $6,000 cash from accounts receivable and paid $4,000 cash for operating expenses. based on this information alone, the balance in accounts receivable as of december 31, year 1 is what?
buckley company started in year 1 by issuing stock for $17,000 cash. During year 1, buckley earned $12,500 of revenue on account. the company collected $6,000 cash from accounts receivable and paid $4,000 cash for operating expenses. based on this information alone, the balance in accounts receivable as of december 31, year 1 is what?
Explanation / Answer
Balance in accounts receivables as on December 31 = Revenue - collections
= $12,500 - $6,000
= $6,500
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