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Question:
The following are the year-end balances in the business ledgers:
$
Fee income 58,900
Expenses 21,200
Receivables ?
Payables 3,300
Capital 20,000
Bank 24,500
Office equipment 7,500
Assuming the trial balance balances,what is the missing figure for receivables?
A)$29,000
B)$53,200
C)$67,700
D)$82,200
How to calculate the receivables need help.
Thanks)All the Dr balances are: 21,200+ 24,500 (assumed to mean the company has cash at the bank)+ 7,500 = 53,200
All the Cr balances = 58,900 + 3,300 + 20,000 = 82,200Assuming the TB balances we need more DR balances of 29,000, so this is presumably the missing receivables figure (answer A)
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