Reference no: EM132631420
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting.
Advertising Revenue $ 53,586
Cash 47,692
Accounts Receivable 7974
Interest Expense 2438
Accounts Payable 5300
Operating Expenses 43,405
Deferred Revenue 1356
Equipment 20,899
Income Tax Expense 2679
The following activities occurred in 2019:
1. Performed advertising services on account, $63,400.
2. Received cash payments on account, $12,200.
3. Received deposits from customers for advertising services to be performed in 2020, $3700.
4. Made payments to suppliers on account, $5300.
5. Incurred $51,900 of operating expenses; $45,000 was paid in cash and $6900 was on account and unpaid as of the end of the year.
Problem 1: What is the balance of Accounts Receivable at December 31, 2019?
Select one:
A. $62,874
B. $51,200
C. $63,400
D. $59,174