The income statement for Amaryllis reports net sales of $91,688 million and cost of goods sold of $69,208 million. An examination of balance sheet amounts indicates accounts receivable increased $1,726 million, inventory increased $876 million, and accounts payable to suppliers decreased $1,960 million. Required: Using the direct method, calculate (1) cash received from customers and (2) cash paid to suppliers. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., $10,110,000 should be entered as 10.11).) Cash Received from Customers: Net sales Cash received from customers Cash Paid to Suppliers: Cost of goods sold Purchases Cash paid to suppliers
The income statement for Amaryllis reports net sales of $91,688 million and cost of goods sold of $69,208 million. An examination of balance sheet amounts indicates accounts receivable increased $1,726 million, inventory increased $876 million, and accounts payable to suppliers decreased $1,960 million. Required: Using the direct method, calculate (1) cash received from customers and (2) cash paid to suppliers. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., $10,110,000 should be entered as 10.11).) Cash Received from Customers: Net sales Cash received from customers Cash Paid to Suppliers: Cost of goods sold Purchases Cash paid to suppliers
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject: acounting
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The income statement for Amaryllis reports net sales of $91,688 million and cost of goods sold of $69,208 million. An examination of
balance sheet amounts indicates accounts receivable increased $1,726 million, inventory increased $876 million, and accounts
payable to suppliers decreased $1,960 million.
Required:
Using the direct method, calculate (1) cash received from customers and (2) cash paid to suppliers. (Amounts to be deducted should
be indicated with a minus sign. Enter your answers in millions (i.e., $10,110,000 should be entered as 10.11).)
Net sales
Cash Received from Customers:
Cash received from customers
Cost of goods sold
Purchases
Cash Paid to Suppliers:
Cash paid to suppliers
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