From the Information Provided Below, Determine the Amount of Cash

question 21

Multiple Choice

From the information provided below, determine the amount of cash received from customers during 2019.
$$\begin{array} { l r } \text { Accounts receivable (31-Dec-2018) } & \$ 23000 \\\text { Accounts receivable (31-Dec-2019) } & 31000 \\\text { Sales } & 270000\end{array}$$

• A) $239 000
• B) $262 000
• C) $270 000
• D) $278 000

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Definitions:

Consignment

The process of placing goods with a third party who has the authority to sell the goods on behalf of the owner, but the ownership of the goods remains with the consignor until sold.

Inventory Valuation

A method used to assess the cost or market value of inventories a company holds at the end of a period.

Inventory Accounting

The method of accounting that focuses on the valuation, recording, and management of inventory, including the cost of goods sold.

Goods Available for Sale

The total quantity of goods that a company has on hand and can sell at any given time, including both finished goods and those still in production.