A firm reported accounts receivable at the end of the year of $120,000 (prior year balance $105,000).Sales during the year were $250,000 of which $180,000 was on credit. What is the amount of cash received from customers during the year? $70,000 $235,000 $165,000 $250,000

There are two types of Sales: (1) Cash Sales and (2) Credit Sales. Cash is received immediately at…

Answered: What is the amount of cash received…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

Section: Chapter Questions

Problem 7.17E

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A firm reported accounts receivable at the end of the year of $120,000 (prior year balance $105,000).

Sales during the year were $250,000 of which $180,000 was on credit. What is the amount of cash received from customers during the year?

$70,000

$235,000

$165,000

$250,000

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