In its December 31, 2023 financial statements, Omega Electronics Inc. reported a beginning accounts receivable balance of $425,000 and an ending accounts receivable balance of $397,000. Omega reported sales for the year ended December 31, 2023 of $5,180,000. All sales were made on credit. Calculate the amount of cash Omega collected from customers during 2023.

In its December 31, 2023 financial statements, Omega Electronics Inc. reported a beginning accounts receivable balance of $425,000 and an ending accounts receivable balance of $397,000. Omega reported sales for the year ended December 31, 2023 of $5,180,000. All sales were made on credit. Calculate the amount of cash Omega collected from customers during 2023.

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

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

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