During the current year, Tachnic, Inc , made cash sales of $289,000 and credit sales of $472,000 During the year, accounts receivable decreased by $32,000 a Compute for the current year the amounts of 1 Net sales reported as revenue in the income statement 2 Cash received from collecting accounts r...

a 1 Net sales Cash sales 289000 Credit sales 472000 Net sales reported as revenue in the income stat ...

During the current year, Tachnic, Inc., made cash sales of $289,000 and credit sales of $472,000. During

Question:

During the current year, Tachnic, Inc., made cash sales of $289,000 and credit sales of $472,000.
During the year, decreased by $32,000.
a. Compute for the current year the amounts of:
1. Net sales reported as revenue in the income statement.
2. Cash received from collecting Cash received from customers.
b. Write a brief statement explaining why cash received from customers differs from the amount of net sales.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...