Cash Collected from Customers During the Year Ended December 31

question 13

Multiple Choice

Cash collected from customers during the year ended December 31, 2019 amounted to $314,000, and accounts receivable decreased by $42,000 during the year.How much were sales on account for the year ended December 31, 2019? (Assume that no cash sales were made during the year and that all sales on account are collectible.)

• A)$230,000.
• B)$272,000.
• C)$314,000.
• D)$356,000.

---

Definitions:

Analysis of Variance

A statistical method used to compare the means of three or more samples to find out if at least one is significantly different from the others.

Population Means

The average value of a particular characteristic across all members of a defined population.

Independent Random Sampling

A method of sampling where each member of the subset is chosen randomly and entirely by chance, ensuring that every subset of the population has an equal opportunity of selection.

Pooled Estimator

A method to estimate a common mean or variance from several different populations by combining or pooling sample statistics.