Sales reported on the income statement were $480,000. The accounts receivable balance increased $54,000 over the year.

Question:

Sales reported on the income statement were $480,000. The balance increased $54,000 over the year. Determine the amount of cash received 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...