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Parks Company reported an increase of $370,000 in its accounts receivable during the year 2015. The company's statement of cash flows for 2015 reported $1 million of cash received from customers. What amount of net sales must Parks have recorded in 2015? A. $370,000 B. $1,000,000 C. $1,370,000 D. $630,000

Parks Company reported an increase of $370,000 in its accounts receivable during the year 2015. The company's statement of cash flows for 2015 reported $1 million of cash received from customers. What amount of net sales must Parks have recorded in 2015? A. $370,000 B. $1,000,000 C. $1,370,000 D. $630,000

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter7: Receivables And Investments
Section: Chapter Questions
Problem 7.18E
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Parks Company reported an increase of $370,000 in its accounts receivable during the year 2015. The company's statement of cash flows for 2015 reported $1 million of cash received from customers. What amount of net sales must Parks have recorded in 2015? A. $370,000 B. $1,000,000 C. $1,370,000 D. $630,000
Transcribed Image Text:Parks Company reported an increase of $370,000 in its accounts receivable during the year 2015. The company's statement of cash flows for 2015 reported $1 million of cash received from customers. What amount of net sales must Parks have recorded in 2015? A. $370,000 B. $1,000,000 C. $1,370,000 D. $630,000
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