Ocean Auto Parts Company uses the direct method to prepare its statement of cash flows
Refer to the following information reported for 2017:
1. Sales Revenue, $520,000
2. Accounts Receivable, beginning balance, $99,000
3. Accounts Receivable, ending balance, $62,000
Compute the collections from customers.
A) $557,000
B) $458,000
C) $161,000
D) $359,000
A .A)
Accounts Receivable, beginning balance $99,000
Add: Sales Revenue 520,000
Less: Accounts Receivable, ending balance (62,000 )
Collections from customers $557,000
You might also like to view...
The concept of eight basic consumer rights is supported by American law, but not by international organizations such as the United Nations
Indicate whether the statement is true or false
If a testator's will leaves his red Ferrari to his butler and his yellow Ferrari to his maid, and at the time of his death, the yellow Ferrari was sold, the following doctrine applies:
A) Abatement. B) Ademption. C) Recrimination. D) Bequestability.