I need answer of this question general accounting Sales reported on the income statement were $282,860.The accounts receivable balance declined by $26,890 overthe year. Determine the amount of cash received fromcustomers.

Step 1: Define Account ReceivableMoney due by a firm to a company on selling goods on credit is…

Answered: Sales reported on the income statement…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter6: Statement Of Cash Flows

Section: Chapter Questions

Problem 14E

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Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400
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Determine the amount of cash received
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The companys balance sheet showed an accounts receivble balance of $80,000 at the begininng of the year and $47,000 at the end of the year. The company reported $720,000 in credit sales for the year. What was the amount of cash collected on account receivables durig the year
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Cash Received from Customers—Direct Method Sales reported on the income statement were $225,000. The accounts receivable balance decreased $14,300 over the year. Determine the amount of cash received from customers.$
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Determine the amount of cash received from customers on these general accounting question
Russell Co. reports sales revenue of $30,000 and interest revenue of $5,000. Its comparative balance sheet shows that accounts receivable decreased $4,000 and interest receivable increased $1,000. Compute cash provided by operating activities using the direct method.

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Sales reported on the income statement were $282,860. The accounts receivable balance declined by $26,890 over the year. Determine the amount of cash received from customers.