Question

Balance sheet data for Kilroy Company for 2022 appears below:

                               January 1, 2022     December 31, 2022
ASSETS:
  Cash                             22,000               58,000
  Accounts receivable              63,000               15,000
  Inventory                        78,000               89,000
  Land                             56,000               91,000
  
LIABILITIES + EQUITY:
  Accounts payable                 24,000               33,000
  Income taxes payable             17,000               26,000
  Notes payable                    79,000               67,000
  Common stock                     70,000               84,000
  Retained earnings                29,000               43,000

Kilroy Company's 2022 income statement is given below:

  Sales revenue                               246,000
  Cost of goods sold                          159,000
  Loss on sale of land                         52,000
  Income tax expense                           14,000
  Net income                                   21,000

Calculate the amount of cash collections from customers reported
by Kilroy Company in its 2022 statement of cash flows.

Answer 1

The amount of cash collections from the customers reported by Kiroy Company in its 2022 statement cash flows is calculated as follows:

Particular	$	Particular	$
Account Receivable (Begining)	63,000	Cash Collected from Customer (Balance)	294,000
Sales Revenue	246,000	Account Receivable (Ending)	15,000
Total	$309,000	Total	$309,000

The amount of cash collections from the customers reported by Kiroy Company in its 2022 statement cash flows is $294,000.

answered by: anonymous