Greenway Inc. reported net sales of $400,000for the year. During the year, accountsreceivable increased by $12,000. Calculate thetotal amount of cash collected from customersduring the year.

Step 1: Definition of Cash Collected from CustomersCash collected from customers represents the…

Answered: Greenway Inc. reported net 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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Greenway Inc. reported net sales of $400,000 for the year. During the year, accounts receivable increased by $12,000. Calculate the total amount of cash collected from customers during the year.