The CHS Company Has Provided the Following Information

question 60

Multiple Choice

The CHS Company has provided the following information:
Accounts receivable written-off as uncollectible during the year amounted to $11,500.
The accounts receivable balance at the beginning of the year was $150,000.
The accounts receivable balance at the end of the year was $210,000.
The allowance for doubtful accounts balance at the beginning of the year was $14,000.
The allowance for doubtful accounts balance at the end of the year after the recording of bad debt expense was $12,900.
Credit sales during the year totaled $900,000.
How much cash was received from collections of accounts receivable?

• A)$888,500
• B)$828,500
• C)$690,000
• D)$701,500

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Definitions:

Wilhelm Wundt

Recognized as the father of experimental psychology, he established the first psychology laboratory at the University of Leipzig in Germany, marking the separation of psychology from philosophy.

Structuralism

A theory in psychology that considers the structure of the human mind and its perceptions as the main object of psychology.

Conscious Experience

The array of thoughts, feelings, perceptions, and sensations that are being experienced by an individual at any given moment.

Cultural Diversity

The existence of a variety of cultural or ethnic groups within a society, celebrating differences in race, language, religion, traditions, and values.