Answer:
Sales…………………………………………………………………………………………… $480,000
Deduct increase in accounts receivable………………………………………………… 54,000
Cash received from customers…………………………………………………………… $426,000
PE 16-6A Cash received from customers—direct method
Sales reported on the income statement were $480,000. The accounts receivable balance increased $54,000 over the year. Determine the amount of cash received from customers.
Answer:
Sales…………………………………………………………………………………………… $480,000
Deduct increase in accounts receivable………………………………………………… 54,000
Cash received from customers…………………………………………………………… $426,000
Answer:
Sales…………………………………………………………………………………………… $480,000
Deduct increase in accounts receivable………………………………………………… 54,000
Cash received from customers…………………………………………………………… $426,000