The following information was taken from 2011 financial statement of Jones Corporation: Accounts Receivable, Jan 1, 2011
Question:
The following information was taken from 2011 financial statement of Jones Corporation:
Accounts Receivable, Jan 1, 2011 ...... 30,000
Account receivable, Dec 31, 2011 ...... 40,000
Sales (all credit sales) ...........480,000
No account receivables were written off or recovered during the year
A. Determine the cash collected from customers by Jones Corporation in 2011?
B. Comment on why cash collected from customers differed from sales?
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For 
Financial Reporting and Analysis Using Financial Accounting Information
ISBN: 978-1133188797
13th edition
Authors: Charles H. Gibson
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