How much is cash received from customers for the year? A company reported annual sales revenue of $2,580,000.During the year, accounts receivable increased from a$56,000 beginning balance to a $76,000 ending balance.Accounts payable decreased from a $52,000 beginningbalance to a $24,000 ending balance.How much is cash received from customers for the year?a. $2,588,000b. $2,560,000c. $2,600,000d. $2,552,000

Step 1: Define ReceivablesReceivables form part of current assets that can be converted into cash in…

Answered: A company reported annual sales revenue…

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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Similar questions

Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400
Sales reported on the income statement were $690,000. The accounts receivable balance declined $39,000 over the year. Determine the amount of cash received from customers.
Please given answer general account
The companys balance sheet showed an accounts receivble balance of $80,000 at the begininng of the year and $47,000 at the end of the year. The company reported $720,000 in credit sales for the year. What was the amount of cash collected on account receivables durig the year
Garden Gate, Inc. reported the following data in its August 31 annual report. Cash and cash equivalents $ 485,625 Cash flow from operations (630,000) Required: a. What is the company's "cash burn" per month? per month b. What is the company's ratio of cash to monthly cash expenses? Round your answer to one decimal place. months
9. Bane Company reported P210,000 in sales. Its opening accounts receivable balance was P45,000 and its ending accounts receivable balance was P50,000. The company also reported P20,000 unearned revenues at the end of the year. What was the amount of cash collected from customers for the year? Group of answer choices 210,000 205,000 215,000 225,000
A company reported annual sales revenue of $950,000. During the year accounts receivable increased from a $84,000 beginning balance to a $96,000 ending balance. Advances from customers (Unearned revenue) decreased from a $46,000 beginning balance to a $36,000 ending balance. How much cash was collected from customers during the year? Select one: a. $938,000 b. $952,000 c. $950,000 d. $940,000 e. $928,000
The balance in Accounts Receivable was $650,000 at the beginning of the year and $770,000 at the end of the year. Credit sales for the year totaled $4,120,000. During the year, $450,000 in customer accounts were written off. How much cash was collected from customers during the period? A) $3,550,000 B) $4,000,000 C) $4,450,000 D) $4,690,000 10
Please solve this question general accounting
Provide this question solution general accounting
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
What is the company's average collection period on these general accounting question?

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