The income statement for Angelonia reports net sales of $91,558 million and cost of goods sold of $69,078 million. An examination of balance sheet amounts indicates accounts receivable increased $1,713 million, inventory increased $863 million, and accounts payable to suppliers decreased $1,947 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 Purchases Cash Paid to Suppliers: Cost of goods sold Cash paid to suppliers

The income statement for Angelonia reports net sales of $91,558 million and cost of goods sold of $69,078 million. An examination of balance sheet amounts indicates accounts receivable increased $1,713 million, inventory increased $863 million, and accounts payable to suppliers decreased $1,947 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 Purchases Cash Paid to Suppliers: Cost of goods sold Cash paid to suppliers

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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