The Balance in Accounts Receivable Was $700,000 at the Beginning

question 21

Multiple Choice

The balance in Accounts Receivable was $700,000 at the beginning of the year and $780,000 at the end of the year. Credit sales for the year totaled $4,110,000. During the year, $430,000 in customer accounts were written off. How much cash was collected from customers during the period?

• A) $3,600,000
• B) $4,460,000
• C) $4,030,000
• D) $4,620,000

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Definitions:

Integrative Thinking

A decision-making approach that involves considering various perspectives and contradictory information to generate creative and comprehensive solutions.

Cross-functional Teams

Teams composed of members from different functional areas within an organization, working together toward a common goal.

Functional Expertise

Specialized knowledge and skills within a specific field or area of professional practice.

Affinity Groups

Networks or clubs formed around a shared interest or common goal, often within a larger organization.