The Mason Company, a retail business had $ 100,000 in cash sales and $ 450,000 in credit sales for 2012 The accounts receivable balances were $ 50,000 and $ 60,000 on December 31, 2011 and 2012, respectively What was the cash receipts from sales in 2012 ...

Credit Sales in 2010 450000 D ...

The Mason Company, a retail business had $ 100,000 in cash sales and $ 450,000 in credit

Question:

The Mason Company, a retail business had $ 100,000 in cash sales and $ 450,000 in credit sales for 2012. The balances were $ 50,000 and $ 60,000 on December 31, 2011 and 2012, respectively. What was the cash receipts from sales in 2012?

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...