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Crossland Corporation reported sales on its income statement of $443,000. On the statement of cash flows,...

Crossland Corporation reported sales on its income statement of $443,000. On the statement of cash flows, which used the direct method, sales adjusted to a cash basis were $467,000. Crossland Corporation reported the following account balances on its balance sheet for the year:

Ending Balance Beginning Balance
Accounts receivable $ 34,000 ?
Prepaid expenses $ 14,800 $ 11,800
Inventory $ 19,600 $ 21,600

Based on this information, the beginning balance in accounts receivable was:

Multiple Choice

  • $58,000

  • $48,000

  • $34,000

  • $24,000

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