The CHS Company Has Provided the Following Information: • Accounts

question 30

Multiple Choice

The CHS Company has provided the following information: • Accounts receivable written-off as uncollectible during the year amounted to $11,500.
• The accounts receivable balance at the beginning of the year was $150,000.
• The accounts receivable balance at the end of the year was $210,000.
• The allowance for doubtful accounts balance at the beginning of the year was $14,000.
• The allowance for doubtful accounts balance at the end of the year after the recording of bad debt expense was $12,900.
• Credit sales during the year totaled $900,000.
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How much cash was received from collections of accounts receivable?

• A)$888,500.
• B)$828,500.
• C)$690,000.
• D)$701,500.

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Definitions:

Financing Activities

Transactions that involve changes in equity and long-term liabilities on the company's balance sheet, such as issuing shares or obtaining long-term loans.