The following information is available for Sunland Corporation's first year of operations: Payment for merchandise purchases...

 

Transcribed Image Text:

The following information is available for Sunland Corporation's first year of operations: Payment for merchandise purchases $330,500 Ending merchandise inventory 148,500 Accounts payable (balance at end of year) 57,400 Collections from customers 282,000 The balance in accounts payable relates only to merchandise purchases. All merchandise items were marked to sell at 30% above cost. What should be the ending balance in accounts receivable, assuming all accounts are deemed collectible? Ending balance in accounts receivable $4 The following information is available for Sunland Corporation's first year of operations: Payment for merchandise purchases $330,500 Ending merchandise inventory 148,500 Accounts payable (balance at end of year) 57,400 Collections from customers 282,000 The balance in accounts payable relates only to merchandise purchases. All merchandise items were marked to sell at 30% above cost. What should be the ending balance in accounts receivable, assuming all accounts are deemed collectible? Ending balance in accounts receivable $4

Answer rating: 100% (QA)

Cost of merchandise purchased payment for merchandise purchase Accounts payable ending balance 3305... View the full answer