As of January 1 of the Current Year, the Grackle $$60,000

question 112

Multiple Choice

As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000. The sales for January, February, and March of 2012 were as follows: $120,000, $140,000 and $150,000. 20% of each month's sales are for cash. Of the remaining 80% (the credit sales) , 60% are collected in the month of sale, with remaining 40% collected in the following month. What is the accounts receivable balance as of March 31?

• A) $72,000
• B) $48,000
• C) $58,720
• D) $$60,000

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Definitions:

Surface Mine Stripping Costs

Expenses incurred in the process of removing overburden or waste material to access a mineral resource in surface mining operations.

Production Phase

The stage in a project or company's lifecycle focused on actual manufacturing or creation of products or services.

Statement of Affairs

A statement of affairs is a financial report summarizing the assets and liabilities of a company, particularly in the context of a bankruptcy or insolvency situation.

Preliminary Report

An initial set of financial statements or findings, often not final or audited, released to provide an early indication of performance.