During 20X1. Ramona Earthquake Prevention Products had sales of $4,200,000, of which 70% were on credit. The beginning balance in the Accounts Receivable lon January 1, 20X1) was $460,000. The beginning balance in the Allowance for Bad Debts (on January 1, 20X1) was $42,000. The amount of accounts written off as uncollectible during the year was $34,000. Bad debt expense for the year was $71.000. The ending balance in Accounts Receivable (on December 31, 20X1) was $460,000. How much CASH was collected from CREDIT customers during the year?

 

Answer rating: 100% (QA)

To determine the cash collected from credit customers during the year we need to calculate the chan... View the full answer