Buckley Company started in Year 1 by issuing stock for $17,000 cash. During Year 1, Buckley earned $12,500 of revenue on account. The company collected $6,000 cash from accounts receivable and paid $4,000 cash for operating expenses. Based on this information alone, the balance in accounts receivable as of December 31, Year 1 is:

Question

08-02-2022
Business

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Buckley Company started in Year 1 by issuing stock for $17,000 cash. During Year 1, Buckley earned $12,500 of revenue on account. The company collected $6,000 cash from accounts receivable and paid $4,000 cash for operating expenses. Based on this information alone, the balance in accounts receivable as of December 31, Year 1 is:

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