1. XYZ Company has a balance sheet (dated Dec. 31, 2020) that shows 
2. 
   
3. Total Liabilities of $38,000, 
4. Retained Earnings of $5,000
5. Common Stock of $5,000.
6. Under Assets, there is a
7. Cash balance of $37,000 and
8. Accounts Receivable balance of x amount. 
9. 
   
10. Assuming that these are all the company’s accounts, what must the balance of Accounts Receivable be?

Answer rating: 100% (QA)

To determine the balance of Accounts Receivable we need to use the fundamental accounting e... View the full answer