Question

Using the following information, compute cash collected from customers. Write the dollar amount of your answer....

Using the following information, compute cash collected from customers. Write the dollar amount of your answer. (Do not write the dollar sign.)

Sales                                                            $8,000

Cost of goods sold                                      5,800

Operating expenses                                       800

                                                      End of Year  Beginning of Year

Prepaid operating expenses               $100                 $700

Accounts payable                                 1,350               1,200

Inventory                                                   500               2,100

Accounts receivable                                800               1,200

Homework Answers

Answer #1

Cash Collected from Customers :

Opening Accounts Receivables = $ 80

Add : Sales = $ 8,000

Less : Ending Accounts Receivables = $ 1,200

Collections received from Customers = $ 7,600.

Amount Collected from Customers = Cash received from the Customers is calculated by assuming that all the sales are made on credit.

Opening Accounts Receivables = $ 800. Since, sales of $ 8,000 are made, total amount to be received = $ 8,800. It has been said that ending accounts receivables = $ 1,200, which implies that total amount to be received is $ 7,600.

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