Cash CollectionsDirect Method Emily Enterprises comparative balance sheets included accounts receivable of $224,600 at December 31, 2009,

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Cash Collections—Direct Method Emily Enterprises’ comparative balance sheets included of $224,600 at December 31, 2009, and $205,700 at December 31, 2010. Sales reported on Emily’s 2010 income statement amounted to $2,250,000. What is the amount of cash collections that Emily will report in the Operating Activities category of its 2010 statement of cash flows assuming that the direct method is used?

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...

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Cash collections to be reported in the Operating Activities section ...View the full answer

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