Garrison Company reported sales in its latest year of $700,000. Garrison held $150,000 in accounts receivable at the beginning of the period but only $105,000 at the end. Assume that all of these receivables are viewed as collectible so that no allowance is needed. What amount of cash did the company collect this period from its customers? Responses $655,000 $745,000 $805,000 $850,000
Garrison Company reported sales in its latest year of $700,000. Garrison held $150,000 in accounts receivable at the beginning of the period but only $105,000 at the end. Assume that all of these receivables are viewed as collectible so that no allowance is needed. What amount of cash did the company collect this period from its customers? Responses $655,000 $745,000 $805,000 $850,000
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....
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Garrison Company reported sales in its latest year of $700,000. Garrison held $150,000 in accounts receivable at the beginning of the period but only $105,000 at the end. Assume that all of these receivables are viewed as collectible so that no allowance is needed. What amount of cash did the company collect this period from its customers?
Responses
-
$655,000
-
$745,000
-
$805,000
-
$850,000
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