(Answered) Question - the following information is available for farr

Accounting

Question - The following information is available for Farr Company relative to 2010 operations:

Accounts receivable, January 1, 2010 $40,000

Account receivable collected during 2010 $84,000

Cash sales during 2010 $20,000

Inventory, January 1, 2010 $48,000

Inventory, December 31, 2010 $44,000

Purchases of inventory during 2010 $80,000

Gross margin on sales $42,000

What is Farr Company's accounts receivable balance at December 31, 2010?

a. $82,000

b. $62,000

c. $20,000

d. $146,000

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