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elena-s
27 days ago
12

Bravo Company had a beginning Accounts Receivable account balance of $380. During the period Bravo' sold goods on account for $1

,400. Ending Accounts Receivable had a $630 balance. How much was collected on account during the period?
Business
1 answer:
stepan [3.2K]27 days ago
6 0

Answer:

A total of $1,150 was collected during this period.

Explanation:

To determine the total amount collected, start with the initial value of the Accounts Receivable, add the goods sold on account, and then subtract the final balance of the Accounts Receivable. The result will give you the amount collected over the period.

See the detailed breakdown below:

$380 as the starting account balance

$1,400 worth of goods sold

($1,150) Total Collected Amount

$630 as the final balance

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Following is partial information for the income statement of Audio Solutions Company under three different inventory costing met
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The calculations are presented below:

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1.                       FIFO    LIFO Average cost  

Cost of goods sold      

Beginning inventory       $11,200      $11,200  $11,200

(400 units ×  $28)                          

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Total goods available $27,825    $27,825   $27,825  

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Which equals 31.8      

Ending inventory is calculated as 525 × 31.8

This leads to $16,695

2.                           FIFO            LIFO         Average

Sales

(307 × $50)                $15,350         $15,350    $15,350

Cost of goods sold     $9,800    $12,250    $11,130

Gross Profit                 $5,550           $3,100      $4,220

Expenses                     $1,680           $1,680      $1,680

Net income                  $3,870           $1,420       $2,540

3. FIFO ranks as 3

LIFO ranks as 2

Average ranks as 1

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