Caldwell Company wants you to prepare a spreadsheet to answer the following questions:
A. Sales for the period were $500,000. The beginning accounts receivable balance was $40,000. The ending balance was $35,000. Sales discounts of $5,000 were given. No accounts were written off and no sales returns and allowances were given.
How much cash was received from customers?
B. Cash collections from customers during the period were $800,000. The ending balance of accounts receivable was $12,000. The beginning balance of accounts receivable was $23,000. Sales discounts of $4,000 were given during the period. Sales returns and allowances during the period were $1,500. An account with a $5,000 balance was written off during the period.
What is the amount of the sales for the period?
C. Sales for the period were $350,000, while cash collections from customers were only $300,000. Sales discounts of $3,500 and sales returns and allowances of $1,000 were granted during the period.
The beginning balance of accounts receivable was $10,000. No accounts were written off during the period.
What is the ending balance of accounts receivable?
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