Flax Corp. uses the direct method to prepare its statement of cash flows. Flax's trial balances...

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Flax Corp. uses the direct method to prepare its statement of cash flows. Flax's trial balances at December 31 for Year 6 and Year 5 show the following information: Account Cash Accounts Receivable Income Tax Expense Income Taxes Payable Sales Year 6 Year 5 $35,000 $32,000 33,000 30,000 20,400 61,200 21,000 27,100 538,800 778,700 Calculate the amount of cash collected from customers in Year 6? (To input your answer, just type the number. Do not include a $ or comma. For instance, if your answer is $82,700, then just type 82700) Flax Corp. uses the direct method to prepare its statement of cash flows. Flax's trial balances at December 31 for Year 6 and Year 5 show the following information: Account Cash Accounts Receivable Income Tax Expense Income Taxes Payable Sales Year 6 Year 5 $35,000 $32,000 33,000 30,000 20,400 61,200 21,000 27,100 538,800 778,700 Calculate the amount of cash collected from customers in Year 6? (To input your answer, just type the number. Do not include a $ or comma. For instance, if your answer is $82,700, then just type 82700)

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To calculate the amount of cash collected from customers in Year 6 we need to start with the sales r... View the full answer