Question: BrasPetro S A a large Brazilian petrochemical company reported a balance

BrasPetro S.A., a large Brazilian petrochemical company, reported a balance of R$1,594.9 million in Accounts Receivable at the beginning of Year 7 and R$1,497.0 million at the end of Year 7. Its income statement reported total Sales Revenue of R$12,134.5 million for Year 7. Assuming that BrasPetro makes al sales on account, compute the amount of cash collected from customers during Year 7.BrasPetro applies Brazilian accounting standards, and reports its results in millions of reals (R$), the Brazilian currency. In answering this question, assume that BrasPetro uses either
U.S. GAAP or IFRS; for purposes of this problem, this choice will not matter.

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  • CreatedMarch 04, 2014
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