?? Financial accounting question A business reported annual sales of $3,450,000. Duringthe year, accounts receivable decreased from $95,000 to$65,000, and accounts payable increased from $45,000to $72,000. How much is cash received from customersfor the year?a. $3,420,000b. $3,480,000c. $3,450,000d. $3,495,000

Step 1: Define Cash Received from CustomersCash received from customers refers to the actual cash…

Answered: A business reported annual sales of…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 5MC

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A business reported annual sales of $3,450,000. During the year, accounts receivable decreased from $95,000 to $65,000, and accounts payable increased from $45,000 to $72,000. How much is cash received from customers for the year? a. $3,420,000 b. $3,480,000 c. $3,450,000 d. $3,495,000