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JYP began operation in 2016. For the year ended, the company has the ff details: Merchandise Purchases USD 6, 000, 000 Merchandise Inventory, Dec. 31 USD 2, 400, 000 Collection from customers USD 4, 365, 000   Note that all merch was marked to sell at 35% on selling price. All sales are made on a credit basis and all receivables are collectibl Determine and compute the balance of accounts receivable on year end.

JYP began operation in 2016. For the year ended, the company has the ff details: Merchandise Purchases USD 6, 000, 000 Merchandise Inventory, Dec. 31 USD 2, 400, 000 Collection from customers USD 4, 365, 000   Note that all merch was marked to sell at 35% on selling price. All sales are made on a credit basis and all receivables are collectibl Determine and compute the balance of accounts receivable on year end.

Managerial Accounting: The Cornerstone of Business Decision-Making
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 27BEB: Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had...
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JYP began operation in 2016. For the year ended, the company has the ff details:

Merchandise Purchases

USD 6, 000, 000

Merchandise Inventory, Dec. 31

USD 2, 400, 000

Collection from customers

USD 4, 365, 000

 

Note that all merch was marked to sell at 35% on selling price. All sales are made on a credit basis and all receivables are collectibl

Determine and compute the balance of accounts receivable on year end. 

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