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.
Answer to relevant QuestionsCiao Corporation had January 1 and December 31 balances as follows: For 2011, the cost of goods sold was $550,000. Calculate Ciao’s 2011 cash paid to suppliers of merchandise. El Lobos Corp. uses the direct method to prepare its statement of cash flows and follows IFRS. El Lobos’ trial balances at December 31, 2011, and 2010, were as follows: Additional information: 1. El Lobos purchased $5,000 ...Guas Inc., a major retailer of bicycles and accessories, operates several stores and is a publicly traded company. The company is currently preparing its statement of cash flows. The comparative balance sheet and income ...The following selected account balances were taken from the financial statements of Blumberg Inc. concerning its long-term investment in shares of Black Inc. over which it has had significant influence since 2009: At ...Seneca Corporation, which uses IFRS, has contracted with you to prepare a statement of cash flows. The controller has provided the following information: Additional data related to 2011 are as follows: 1. Equipment that cost ...
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