Sales reported on the income statement were $112,000. The accounts receivable balance decreased $10,500 over the year

Sales reported on the income statement were $112,000. The accounts receivable balance decreased $10,500 over the year. Determine the amount of cash received from customers.


Answer:





Sales…………………………………………………………………………………………… $112,000
Add decrease in accounts receivable…………………………………………………… 10,500
Cash received from customers…………………………………………………………… $122,500


Sales reported on the income statement were $480,000. The accounts receivable balance increased $54,000 over the year. Determine the amount of cash received from customers.


Answer:






Sales…………………………………………………………………………………………… $480,000
Deduct increase in accounts receivable………………………………………………… 54,000
Cash received from customers…………………………………………………………… $426,000