At January 1, 2017, Apex Inc. had accounts receivable of $72,000. At December 31, 2017, the accounts

Question:

At January 1, 2017, Apex Inc. had of $72,000. At December 31, 2017, the balance was $59,000. Sales revenue for 2017 was $420,000. Sales returns and allowances for the year were $10,000. Purchase discounts were in the amount of $4,200 and sales discounts were $1,000. Calculate Apex's 2017 cash receipts 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...