During the current year, Tachnic, Inc., made cash sales of $285,000 and credit sales of $460,000. During the year, accounts receivable decreased by $32,000. a. Compute for the current year the amounts of: 1. Net sales reported as revenue in the income statement. 2. Cash received from collecting accounts receivable. 3. Cash received from customers. b. Write a brief statement explaining why cash received from customers differs from the amount of net sales.

Answer rating: 100% (QA)

a1 Net sales are all sales minus any sales discounts or salesreturns Therefore this years net s... View the full answer