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:

Standing

The legal right to bring a lawsuit, dependent on having a direct, personal stake in the outcome of the case.

Group Decision Making

The process by which a group of individuals comes together to make a decision collectively.

Knowledge

The range of information, awareness, or understanding that an individual has acquired through experience or education.

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Refers to the skills and competencies that an individual possesses.