Logic Corporation had accounts receivable of $150,000 at the beginning of the year and $105,000 at...

Transcribed Image Text:

Logic Corporation had accounts receivable of $150,000 at the beginning of the year and $105,000 at the end of the year and accounts payable at the beginning of the year of $70,000 and $85,000 at the end of the year. Cash sales for the year were $400,000 and sales on account for the year amounted to $350,000. The amount to be reported on the statement of cash flows for cash collections from customers under the direct method is: Answer: $ Logic Corporation had accounts receivable of $150,000 at the beginning of the year and $105,000 at the end of the year and accounts payable at the beginning of the year of $70,000 and $85,000 at the end of the year. Cash sales for the year were $400,000 and sales on account for the year amounted to $350,000. The amount to be reported on the statement of cash flows for cash collections from customers under the direct method is: Answer: $

Answer rating: 100% (QA)

To calculate the cash collections from customers under the direct method we need to add th... View the full answer