1. Beginning and ending balances of Accounts Receivable were $43,000 and $22,000, respectively. If collections from clients during the period were $65,000, how much were services rendered on account?

2. A-I Cargo had a beginning balance in its Cash account of $740. Cash disbursements totaled $885 and cash receipts totaled $1,050. How much is the ending balance in the Cash account?

3. The balance sheet of Strauss Corporation contains the following list of assets: 

Cash $8,500,000; 

Land, $4,700,000; 

Buildings, $1,300,000; and 

Other Assets, $200,000. 

Strauss' only debt is $2,070,000 owed to a bank. 

What is Strauss' stockholders' equity?

Answer rating: 100% (QA)

1 To find the amount of services rendered on account we need to calculate the change in the Accounts ... View the full answer