The Following Item Appeared on a Balance Sheet: Receivables, Less

question 45

Multiple Choice

The following item appeared on a balance sheet: Receivables, less allowance of $100,855 …..$1,432,602
The gross balance in Accounts Receivable before the allowance was deducted was:

• A) $1,331,747.
• B) $1,432,602.
• C) $1,533,457.
• D) cannot be determined from the facts.

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Definitions:

General Ledger

General Ledger is a comprehensive accounting record of all financial transactions that have occurred within a company over a period of time, serving as the foundation for financial statements.

Balance Sheet

A financial statement that provides a snapshot of a company's financial position at a specific point in time, showing assets, liabilities, and shareholders' equity.

Income Statement

A financial statement that shows a company's revenues, expenses, and profits or losses over a specific time period.

Accounting Systems

The methods and processes utilized by an organization for tracking and managing its financial transactions, typically involving journals, ledgers, and financial statements.