The following selected account balances appeared on the financial statements of Washington Company: Accounts Receivable, January...
The following selected account balances appeared on the financial statements of Washington Company:
| Accounts Receivable, January 1 | $16,209 |
| Accounts Receivable, December 31 | 6,108 |
| Accounts Payable, January 1 | 4,533 |
| Accounts Payable, December 31 | 8,086 |
| Merchandise Inventory, January 1 | 7,281 |
| Merchandise Inventory, December 31 | 13,264 |
| Sales | 62,595 |
| Cost of Merchandise Sold | 32,767 |
Washington Company uses the direct method to calculate net cash flow from operating activities. Cash collections from customers were
a.$52,494
b.$62,595
c.$85,315
d.$72,696
Homework Answers
Cash collection from customers = Accounts Receivable, January 1 + Sales - Accounts Receivable, December 31
= $16,209 + $62,595 - $6,108
= $72,696
Option d.
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