The Balance in Accounts Receivable at the Beginning of the Year

question 83

Multiple Choice

The balance in Accounts Receivable at the beginning of the year was $530,000. The balance in Accounts Receivable at the end of the year was $740,000. Customer accounts of $410,000 were written off. The company collected $4,100,000 from credit customers and $1,030,000 from cash customers. What are credit sales for the year?

• A)$4,300,000
• B)$4,100,000
• C)$4,510,000
• D)$4,720,000

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Definitions:

Anchoring with Adjustment Heuristic

A cognitive bias in decision-making where an initial value (the "anchor") heavily influences subsequent judgments and adjustments.

Temporizing Heuristic

A cognitive strategy involving delaying decision making until more evidence or information is available.

Successful Events

Occurrences or activities that achieve their intended goals or are considered positive by the majority of participants.

Past Failures

Previous instances of not achieving desired or intended outcomes, serving as lessons for future endeavors.