CLICK HERE TO REVIEW LEARNING OBJECTIVES er 3 QUESTION 32 Incorrect 000 points o

Question

CLICK HERE TO REVIEW LEARNING OBJECTIVES er 3 QUESTION 32 Incorrect 000 points out of 100 Flag question er 4 Converting Sales Revenue to Cash Smith & Sons is converting its sales revenues to corresponding cash amounts using the direct method. Sales revenue on the income statement are $3,587.500o. Beginning and ending accounts receivable on the balance sheet are $203.000 and $119,000 respectively ter 6 ter 8 Calculate the amount of cash received from customers. $ 3,265,500 ter 9 Check pter 10 pter 11 pter 12 ou have correctly selected o Incorrect Marks for this submission: 0.00/1.00

Explanation / Answer

Answer:- The amount of cash received from customers=Opening balance of debtors+ Sales revenue- Closing balance of debtors

=$203000+$3587500-$119000

=$3671500

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