The following information was taken from the 2011 financial statements
The following information was taken from the 2011 financial statements of Jones Corporation:
Accounts receivable, January 1, 2011 $ 30,000
Accounts receivable, December 31, 2011 40,000
Sales (all credit sales) 480,000
No accounts receivable were written off or recovered during the year.

Required
a. Determine the cash collected from customers by Jones Corporation in 2011.
b. Comment on why cash collected from customers differed from sales.

Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
    Tutors
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
OR
Relevant Tutors available to help