Question

The following information was taken from 2011 financial statement of Jones Corporation:
Accounts Receivable, Jan 1, 2011 ...... 30,000
Account receivable, Dec 31, 2011 ...... 40,000
Sales (all credit sales) ........... 480,000
No account receivables were written off or recovered during the year
A. Determine the cash collected from customers by Jones Corporation in 2011?
B. Comment on why cash collected from customers differed from sales?



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  • CreatedJuly 29, 2013
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