Brinson, Inc. has accounts receivable totaling $2,650,000 on January 1, 2004. This include $2,100,000 from sales in December, 2003; $450,000 from sales in November, 2003; and $100,000 from sales earlier in October, 2003 or earlier. During January Brinson records the following activity: Sales total $4,700,000; half are for cash, and half are on account. Brinson collects $2,030,000 from prior sales; this includes $1,640,000 from December sales, $370,000 from November sales, and $20,000 from October…
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