Cash Received from Customers—Direct Method Sales reported on the income statement were $541,000. The accounts receivable...
Cash Received from Customers—Direct Method Sales reported on the income statement were $541,000. The accounts receivable balance decreased $45,000 over the year. Determine the amount of cash received from customers.
Homework Answers
Let beginning AR=$100,000
Hence ending AR=(100,000-45000)=$55000
Ending AR=Beginnng AR+Sales-Cash collections
Cash collections=(100,000+541000-55000)
=$586,000.
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