Abundant Returns
This Company Sells Its Merchandise Only on Credit

question 99

Essay

Abundant Returns
This company sells its merchandise only on credit.The following data are available at December 31,2012.
$\begin{array}{ll}\text {Sales } &\$ 411,000 \\\text { Sales returns and allowances} &12,000 \\\text { Account s receivable at January 1,2012 } &89,000 \\\text { Allowance for doubtfil accounts at January 1, 2012 } &4,100 \\\text { Cash collections during 2012 } &385,100 \\\text {Accountswritten off as uncollected during 2012 } &3,600\end{array}$
-Refer to Abundant Returns.Determine the balance of Accounts Receivable at December 31,2012.

---

Definitions:

Dualistic Thinking

Dualistic thinking is the tendency to divide information, values, and perspectives into polar opposites, often ignoring complexities or middle grounds.

Schemes

Cognitive structures or patterns of behavior through which individuals process and understand their environment.

Mental Structures

Cognitive frameworks that organize thought, understanding, and knowledge about the world.

Object Permanence

The understanding that objects continue to exist even when they cannot be seen, heard, or touched.