Problem: Please help with the following problem. Please provide a step by step calculation.
Certain information relative to the 2004 operations of Ross Co. follows:
Accounts receivable, January 1, 2004 $22,000
Accounts receivable collected during 2004 39,000
Cash sales during 2004 12,000
Inventory, January 1, 2004 18,000
Inventory, December 31, 2004 16,500
Purchases of inventory during 2004 33,000
Gross margin on sales 13,500
What is Ross's accounts receivable balance at December 31, 2004?