Question
The following information is available for Sanchez Company for its 2019 operations: Accounts receivable, January 1,...
- The following information is available for Sanchez Company for its 2019 operations:
|
Accounts receivable, January 1, 2019 |
$ 40,000 |
|||||
|
Accounts receivable collected during 2019 |
84,000 |
|||||
|
Cash sales during 2019 |
20,000 |
|||||
|
Inventory, January 1, 2019 |
48,000 |
|||||
|
Inventory, December 31, 2019 |
44,000 |
|||||
|
Purchases of inventory during 2019 |
80,000 |
|||||
|
Gross profit on sales |
42,000 |
|||||
What is Sanchez’s accounts receivable balance at December 31, 2019?
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