Leo Company reported sales of $$250,000$ during Year $2.$ Assume that all sales are credit sales. Leo's balance sheets for Year $2$ and Year $1$ showed

ACCOUNTS Recievable

Year $2$

$ $110,000$

$$84,000$

Accounts Payable

Year $1$

$$100,000$

$$80,000$

Based on this information, how much cash did Leo collect from sales during Year $2?$

 

Answer rating: 100% (QA)

To determine the cash collected from sales during Year 2 we need to calculate the change i... View the full answer