Business, 18.02.2020 01:18 tino54

Cash Received from Customers—Direct Method

Sales reported on the income statement were $112,000. The accounts receivable balance decreased $10,500 over the year.

Determine the amount of cash received from customers.

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Answer from: AnxiousKid

The cash received or collected from the customers amounts to $122,500

Explanation:

Cash receipts is the sum of all the cash amounts collected or received from the sale of the goods and on accounts receivable.

Cash received or collected from the customer is computed as:

Cash collected from customer = Sales + Decrease in accounts receivable

where

Sales amounts to $112,000

Decrease in accounts receivable amounts to $10,500

Putting the values above:

= $112,000 + $10,500

= $122,500

Therefore, the cash amounts to $122,500, received from customers.

Answer from: Quest

income statement is prepared in order to show the profits and loss of a business. in order to prepare the income statement she should collect all the income and expenses of the product with the cost of production.

Answer from: Quest

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Cash Received from Customers—Direct Method

Sales reported on the income statement were $...

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