The Balance in Accounts Receivable at the Beginning of the Year

question 23

Multiple Choice

The balance in Accounts Receivable at the beginning of the year amounted to $16,000. During the year, $64,000 of credit sales were made to customers. If the ending balance in Accounts Receivable amounted to $10,000, and uncollectible accounts expense amounted to $4,000, what is the amount of cash inflow from customers that would appear in the operating activities section of the cash flow statement?

• A)$66,000
• B)$64,000
• C)$80,000
• D)$70,000

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Definitions:

Origin Of Life

The process by which living organisms emerged from non-living matter, the specifics of which are still under scientific investigation.

Amino Acids

Organic compounds that serve as the building blocks of proteins, containing both an amino group and a carboxyl group.

Proteins

Proteins are large, complex molecules made up of amino acids and are essential for the structure, function, and regulation of the body's tissues and organs.

Organic Soup

A hypothetical mixture of organic molecules from which life on Earth could have originated, prebiotically existing in the Earth's early oceans.