The Rust Corporation has gathered the following information for activities during 2010: Credit sales ......................................................................................... $ 3,500,000

Question:

The Rust has gathered the following information for activities during 2010:
Credit sales ......................................................................................... $ 3,500,000
Cash sales ............................................................................................ 1,100,000
Sales discounts ..................................................................................... 35,000
Sales returns and allowances ................................................................ 150,000
Uncollectible account written off ......................................................... 5,000
Beginning balance ................................................ 70,000
Ending balance ..................................................... 50,000
Required
A. Calculate net sales during 2010.
B. Calculate estimated cash receipts from customers during 2010.
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... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...