ABC Had the Following Balances on Its Statement of Financial

question 65

Essay

ABC had the following balances on its Statement of Financial Position for Year 1:
Accounts Receivable, Jan 1, Year 1: $500
Accounts Receivable, Dec 31, Year 1: $400
Allowance for Doubtful Accounts, Jan 1, Year 1: $50cr
Allowance for Doubtful Accounts, Dec 31^st, Year 1: $140cr
All sales during Year 1 were made on credit, in the amount of $1,000. Bad debt expense for the year was $100.
What were ABC's cash collections for Year1?

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