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

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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The income statement for Electronic Wonders reports net sales of $91,758 million and cost of goods sold of $69,278 million. An examination of balance sheet amounts indicates accounts receivable increased $1,733 million, inventory increased $883 million, and accounts payable to suppliers decreased $1,967 million.Required:Using the direct method, calculate (1) cash received from customers and (2) cash paid to suppliers.
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