The following selected account balances appeared on the financial statements of the Washington Co Accounts receivable, Jan. 1 $13,000 Accounts receivable, Dec. 31 9,000 Accounts payable, Jan. 1 4,000 Accounts payable, Dec. 31 7,000 Merchandise inventory, Jan. 1 10,000 Merchandise inventory, Dec. 31 15,000 Sales 56,000 Cost of merchandise sold 31,000 The Washington Company uses the direct method to calculate net cash flow from operating activities. Cash collections from customers were O a. $52,000 b. S60,000 OC. S45,000 nd$56 000

The following selected account balances appeared on the financial statements of the Washington Co Accounts receivable, Jan. 1 $13,000 Accounts receivable, Dec. 31 9,000 Accounts payable, Jan. 1 4,000 Accounts payable, Dec. 31 7,000 Merchandise inventory, Jan. 1 10,000 Merchandise inventory, Dec. 31 15,000 Sales 56,000 Cost of merchandise sold 31,000 The Washington Company uses the direct method to calculate net cash flow from operating activities. Cash collections from customers were O a. $52,000 b. S60,000 OC. S45,000 nd$56 000

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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