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.
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.
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
Required:
Using the direct method, calculate (1) cash received from customers and (2) cash paid to suppliers.
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