Question: At January 1 2011 Apex Inc had accounts receivable of
At January 1, 2011, Apex Inc. had accounts receivable of $72,000. At December 31, 2011, the accounts receivable balance was $59,000. Sales for 2011 were $420,000. Sales returns and allowances for the year were $10,000. Purchase discounts were in the amount of $4,200 and sales discounts $1,000. Calculate Apex’s 2011 cash receipts from customers.
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