Assume the 2011 income statement reported total sales revenue of $1,500,000. The 2010-2011, comparative balance sheets...
Assume the 2011 income statement reported total sales revenue of $1,500,000. The 2010-2011, comparative balance sheets showed that accounts receivable decreased by $100,000 and the unearned revenue account decreased $30,000. The cash inflow from customers for 2011 would be: (A) $1,370,000. (B) $1,430,000. (C) $1,570,000. (D) $1,630,000.
Homework Answers
cash inflow from customers for 2011 = Sales revenue + Decrease in accounts receivables - Decrease in unearned revenue account
= 1,500,000 + 100,000 - 30,000
= $1,570,000
Correct option is (c)
Kindly comment if you need further assistance. Thanks
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