Accelerated Solutions the Following Data Are from the Company's Records

question 83

Multiple Choice

Accelerated Solutions The following data are from the company's records for 2012:
$\begin{array}{ll}\text { Accounts receivable-J anuary 1, 2012 } & \$ 350,000 \\\text { Credit sales during 2012 } & 1,200,000 \\\text { Collections from cre dit customers during 2012 } & 850,000 \\\text { Customer accounts written off as uncollected during 2012 } & 10,000 \\\text { Allowance for doubtul accounts-Jamuaty 1, 2012 } & 35,000 \\\text { Estimated uncollected accounts bassed on an aging analysis } & 50,000\end{array}$
-Refer to Accelerated Solutions.What is the balance of Accounts Receivable at December 31,2012?

• A)$700,000
• B)$340,000
• C)$690,000
• D)$710,000

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Definitions:

Financial Institutions

Organizations that provide financial services, including banks, insurance companies, and investment firms.

Financial Markets

Financial institutions through which savers can directly provide funds to borrowers

Investment

The allocation of resources, often money, in the hope of generating an income or profit.

Real GDP

The measure of a country's gross domestic product adjusted for inflation, reflecting the value of all goods and services produced at constant prices.