Singleton Inc. had accounts receivable of $365,000 at January 1, 2009, and $410,000 at December 31, 2009.

Question:

Singleton Inc. had of $365,000 at January 1, 2009, and $410,000 at December 31, 2009. Net income for 2009 was $550,000 and sales revenue was $925,000.

Required:
Compute the amount of cash collected from customers.

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...