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Compute estimate of ending balance of accounts receivable

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Reference no: EM132532024

Question - Your accounts receivable clerk, Mitra Adams, to whom you pay a salary of $3,615 per month, has just purchased a new Acura. You decide to test the accuracy of the accounts receivable balance of $197,620 as shown in the ledger.

The following information is available for your first year in business.

(1) Collections from customers$477,180

(2) Merchandise purchased771,200

(3) Ending merchandise inventory216,900

(4) Goods are marked to sell at 40% above cost

Required - Compute an estimate of the ending balance of accounts receivable from customers that should appear in the ledger and any apparent shortages.

Reference no: EM132532024

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