Practical Company had sales of $316,000 for the year. The company reported accounts receivable of $35,000 at the end of last year and $34,000 at the end of this year. Practical's cost of goods sold this year was $253,000. In last year's statement of financial position, the company reported inventory of $49,000 and accounts payable of $33,000. In this year’s statement of financial position, Practical reported inventory of $43,000 and accounts payable of $42,000.

Answer rating: 100% (QA)

Accounts Receivable Beginning 35000 Sales 316000 Total 351000 Accounts R... View the full answer