Effect of transaction involving suppliers and customers on cash flows. WollyMartin Limited, a large retailer, provided the following information from its accounting records for the war ended September 30, 2008:

WollyMartin€™s business is characterized by many retail customers-some of whom have not paid for goods they have purchased-and many suppliers of goods, some of whom have delivered goods for which the firm has not yet paid. WollyMartin settles all its accounts with customers and suppliers with cash, never with noncash assets.
a. calculate the amount of cash WollyMartin received from its customers during the year.
b. Calculate the amount of cash WollyMartin paid to its suppliers during theyear.

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September 30, 2008 € 8,600 (750) 11,200 7,500 September 30, 2007 Selected Balance Sheet Accounts Accounts Receivable ... Less: Allowance for Uncollectibles. Merchandise Inventory.. Accounts Payable... € 8,000 (700) 11,000 7,000 Selected Income Statement Accounts Sales Revenue Bad Debt Expense Cost of Goods Sold 2008 € 130,000 (2,000) (85,000)