Bonobo's activities for the year ended December 31, 2018 included the following: • Income tax expense for the year was $30,000. • Sales for the year were $650,000. • Accounts payable decreased $10,000 in 2018. • Selling and administration expenses for the year totaled $200,000. • Accounts receivable increased $20,000 in 2018. • The Company's cost of goods sold in 2018 was $325,000. • The Company's inventory decreased $15,000 during the year. What is the cash receipts from customers under the direct method?

Bonobo's activities for the year ended December 31, 2018 included the following: • Income tax expense for the year was $30,000. • Sales for the year were $650,000. • Accounts payable decreased $10,000 in 2018. • Selling and administration expenses for the year totaled $200,000. • Accounts receivable increased $20,000 in 2018. • The Company's cost of goods sold in 2018 was $325,000. • The Company's inventory decreased $15,000 during the year. What is the cash receipts from customers under the direct method?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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