Homework answers / question archive / P10-14 The following information was taken from the 2005 financial statement of the AB Corporation: Accounts receivable, Jan 1, 2005 $30,000 Accounts receivable, Dec 31, 2005 $40,000 Sales ( all credit sales) $480,000 Note: No accounts receivable were written off or recovered during the year

P10-14 The following information was taken from the 2005 financial statement of the AB Corporation: Accounts receivable, Jan 1, 2005 $30,000 Accounts receivable, Dec 31, 2005 $40,000 Sales ( all credit sales) $480,000 Note: No accounts receivable were written off or recovered during the year

Business

Share With

P10-14 The following information was taken from the 2005 financial statement of the AB Corporation:

Accounts receivable, Jan 1, 2005 $30,000
Accounts receivable, Dec 31, 2005 $40,000
Sales ( all credit sales) $480,000

Note: No accounts receivable were written off or recovered during the year.

a) Determine the cash collected from customers by the AB Corporation in 2005

b) Comment on why cash collected from customers differed from sales.