Question: Exercise 2-15A (Static) Determine missing amounts in the accounts receivable account LO 2-6 Required: Determine the missing amounts in each of the following four independent
Exercise 2-15A (Static) Determine missing amounts in the accounts receivable account LO 2-6\ Required:\ Determine the missing amounts in each of the following four independent scenarios:\ a. X Company had a
$4,500beginning balance in accounts receivable on January 1 , Year 4 . During Year 4 , the company earned
$69,400of revenue on account and collected
$68,200cash from accounts receivable. Based on this information alone, determine the amount of the ending balance in accounts receivable.\ b. X Company had a
$3,400ending balance in accounts receivable on December 31, Year 4. During Year 4 , the company earned
$62,200of revenue on account and collected
$63,100cash from accounts receivable. Based on this information alone, determine the amount of the beginning balance in accounts receivable.\ c. X Company had a
$9,700beginning balance in accounts receivable on January 1 , Year 4 . During Year 4 , the company earned
$99,700of revenue on account. The ending balance in accounts receivable was
$10,300. Based on this information alone, determine the amount of cash collections from accounts receivable.\ d. X Company had a
$22,000beginning balance in accounts receivable on January 1 , Year 4 . During Year 4 , the company collected
$109,000of revenue on account. The ending balance in accounts receivable was
$21,300. Based on this information alone, determine the amount of Revenue earned on account.\ Answer is complete and correct.\ \\\\table[[a. Ending balance,
$,5,700],[b. Beginning balance,
$,4,300],[c. Cash collections,
$,99,100],[d. Revenue earned on account,
$,108,300]]

Exercise 2-15A (Static) Determine missing amounts in the accounts receivable account LO 2-6 Required: Determine the missing amounts in each of the following four independent scenarios: a. X Company had a $4,500 beginning balance in accounts receivable on January 1 , Year 4 . During Year 4 , the company earned $69,400 of revenue on account and collected $68,200 cash from accounts receivable. Based on this information alone, determine the amount of the ending balance in accounts receivable. b. X Company had a $3,400 ending balance in accounts receivable on December 31 , Year 4 . During Year 4 , the company earned $62,200 of revenue on account and collected $63,100 cash from accounts receivable. Based on this information alone, determine the amount of the beginning balance in accounts receivable. c. X Company had a $9,700 beginning balance in accounts receivable on January 1 , Year 4 . During Year 4 , the company earned $99,700 of revenue on account. The ending balance in accounts receivable was $10,300. Based on this information alone, determine the amount of cash collections from accounts receivable. d. X Company had a $22,000 beginning balance in accounts receivable on January 1 , Year 4 . During Year 4 , the company collected $109,000 of revenue on account. The ending balance in accounts receivable was $21,300. Based on this information alone, determine the amount of Revenue earned on account
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
