Solution-Determine how much cash was collected from

Determine how much cash was collected from customers

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Reference no: EM133188887

Question -

1 Wallace Motors buys and sells used cars. Wallace made the following sales during January and February:

a. Three cars were sold to Russell Taxi for a total of $75,000; the cars were delivered to Russell on January 18. Russell paid Wallace $20,000 on January 18 and the remaining $55,000 on February 12.

b. One car was sold to Hastings Classics for $30,000. The car was delivered to Hastings on January 25. Hastings paid Wallace on February 1.

Calculate the monthly revenue for Wallace for January and February. If answer is zero, enter "0".

2. Beginning accounts receivable were $135,700 and ending accounts receivable were $128,640. All sales were on credit and totaled $1,682,480. Determine how much cash was collected from customers?

Reference no: EM133188887

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Determine how much cash was collected from customers

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