A company had a balance in Gross Accounts Receivable of $100,000 on 12/31/2011. During 2012, the company had to write-off $1,000 of accounts as uncollectible, and had no recoveries. Its Bad Debt Expense was $2,000 during 2012. Total sales were $800,000 during 2012, all of which were credit sales. It collected $801,000 of cash from customers during 2012. What was the company’s balance in Gross Accounts Receivable at 12/31/2012? Initial reaction....GO!
Posted on: Wed, 08 Oct 2014 01:16:52 +0000
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