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During the financial year Marina Limited had sales of $840 000
During the financial year Marina Limited had sales of $840 000. The opening balance of accounts receivable was $66 000, and the closing balance was $78 000. Bad debts amounting to $8 000 were written off during the period. The cash receipts from customers during the year amounted to:
Select one:
a. $840 000
b. $860 000
c. $828 000
d. $820 000
Expert Solution
Computation of Cash Receipts from Customers during the Year:
Cash Receipts from Customers during the Year = Beginning Balance of Accounts Receivables + Sales - Ending Balance of Accounts Receivables - Bad Debts Written off
= $66,000 + $840,000 - $78,000 - $8,000
= $820,000
So, Cash Receipts from Customers during the Year is $820,000.
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