Pier 1 Imports reported retail sales for fiscal 2012 of $1.7 billion. During the year, accounts receivable

Question:

Pier 1 Imports reported retail sales for fiscal 2012 of $1.7 billion. During the year, accounts receivable increased from $16.3 million to $22.3 million.

Estimate the cash collected by Pier 1 from its customers during 2012.

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...