Answered: Sales reported on the income statement…

Sales reported on the income statement were $310,500. The accounts receivable balance declined by $18,700 over the year. Determine the amount of cash received from customers. Right answer

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 7.17E

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Sales reported on the income statement were $310,500. The accounts receivable balance declined by $18,700 over the year. Determine the amount of cash received from customers. Right answer

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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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