Question Description The company provides the following information: December 31 January 1 Accounts Payable $68,600 $72,300 Inventory 47,800 43,100 Accounts Recelvable 95,000 99,700 a). All purchases of inventory were on account .b). Sales for the year were 972,000 c). The cost of goods sold for the year was 402,000 Compute how much cash was collected from customers during the year.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The company provides the following information:
December 31
January 1
Accounts Payable
$68,600
$72,300
Inventory
47,800
43,100
Accounts Receivable
95,000
99,700
a). All purchases of inventory were on account
.b). Sales for the year were 972,000
c). The cost of goods sold for the year was 402,000
Compute how much cash was collected from customers during the year.
Transcribed Image Text:Question Description The company provides the following information: December 31 January 1 Accounts Payable $68,600 $72,300 Inventory 47,800 43,100 Accounts Receivable 95,000 99,700 a). All purchases of inventory were on account .b). Sales for the year were 972,000 c). The cost of goods sold for the year was 402,000 Compute how much cash was collected from customers during the year.
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