Java Love, a large organic coffee company, reported a balance of $1,600 million in Accounts Receivable at the beginning of 2012 and $1,500 million at the end of 2012. Its income statement reported total Sales Revenue of $12,000 million and total Cost of Goods Sold as $8,000 million for 2012. Assuming that Java Love makes all sales on account, compute the amount of cash collected from customers during 2012.
Java Love, a large organic coffee company, reported a balance of $1,600 million in Accounts Receivable at the beginning of 2012 and $1,500 million at the end of 2012. Its income statement reported total Sales Revenue of $12,000 million and total Cost of Goods Sold as $8,000 million for 2012. Assuming that Java Love makes all sales on account, compute the amount of cash collected from customers during 2012.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter8: Revenue Recognition, Receivables, And Advances From Customers
Section: Chapter Questions
Problem 42P
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Transcribed Image Text:Java Love, a large organic coffee company, reported a balance of
$1,600 million in Accounts Receivable at the beginning of 2012
and $1,500 million at the end of 2012. Its income statement
reported total Sales Revenue of $12,000 million and total Cost of
Goods Sold as $8,000 million for 2012.
Assuming that Java Love makes all sales on account, compute the
amount of cash collected from customers during 2012.
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