Philip Corp Reported Credit Sales of $240,000 and Write-Offs of Bad

question 16

Multiple Choice

Philip Corp reported credit sales of $240,000 and write-offs of bad debts of $57,000 for last year. Accounts receivable had a balance of $1,127,000 at the beginning of the year and $881,000 at the end of the year. How much cash was collected from customers during the year?

• A)$246,000
• B)$429,000
• C)$486,000
• D)$669,000