The income statement for Electronic Wonders reports net sales of $91,748 million and cost of goods sold of $69,268 million. An examination of balance sheet amounts indicates accounts receivable increased $1,732 million, inventory increased $882 million, and accounts payable to suppliers decreased $1,966 million. Required: Using the direct method, calculate (1) cash received from customers and (2) cash paid to suppliers. (Enter your answers in millions (l.e., $10,100,000 should be entered as 10.1).) Net sales Cash received from customers Cost of goods sold Purchases Cash paid to suppliers
The income statement for Electronic Wonders reports net sales of $91,748 million and cost of goods sold of $69,268 million. An examination of balance sheet amounts indicates accounts receivable increased $1,732 million, inventory increased $882 million, and accounts payable to suppliers decreased $1,966 million. Required: Using the direct method, calculate (1) cash received from customers and (2) cash paid to suppliers. (Enter your answers in millions (l.e., $10,100,000 should be entered as 10.1).) Net sales Cash received from customers Cost of goods sold Purchases Cash paid to suppliers
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:The income statement for Electronic Wonders reports net sales of $91,748 million and cost of goods sold of
$69,268 million. An examination of balance sheet amounts indicates accounts receivable increased $1,732
million, inventory increased $882 million, and accounts payable to suppliers decreased $1,966 million.
Required:
Using the direct method, calculate (1) cash received from customers and (2) cash paid to suppliers. (Enter
your answers in millions (i.e., $10,100,000 should be entered as 10.1).)
Net sales
Cash received from customers
Cost of goods sold
Purchases
Cash paid to suppliers
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