Do fast this question answer general Accounting 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: Formula Cash received from customers = Accounts receivable beginning balance + Sales -…

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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36 Gross sales for the year were $100,000. During the year, sales discounts of $2,000 were recorded. In addition, sales returns and allowances for $7,000 were recorded. The total amount of cash collected from customers during the year was $88,000. Many accounts remain uncollected at the end of the year. What is the amount of net sales to be reported for the year? O 91,000 ○ 93,000 ○ 95,000 ○ 98,000
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Question # 1: During the year the following changes were observed. (I.) Inventory period increased by 12 days (II.) Receivables period decreased by 6 days (III.) Accounts payable period increased by 4 days Find the net change in cash conversion cycle A firm has Rs. 50 million and Rs. 60 million credit sales during the first two quarters of the year. 70% of the account receivables are collected in the same quarter and the balance in the next quarter. What will be the total collection for the firm in the second quarter? If a firm determined to increase its collection from its clients by diminishing the receivables period and held in reserve the payable period and inventory period the same. Briefly explain its effect. The extent of the financing is directly correlated to the useful life of an asset being financed, justify.

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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