The income statement for Electronic Wonders reports net sales of $91,758 million and cost of goods sold of $69,278 million An examination of balance sheet amounts indicates accounts receivable increased $ 1,733 million, inventory increased $ 883 million, and accounts payable to suppliers decreased ...

1 in millions Net sales 91758 Increase in accoun ...

The income statement for Electronic Wonders reports net sales of $91,758 million and cost of goods sold

Question:

The income statement for Electronic Wonders reports net sales of $91,758 million and cost of goods sold of $69,278 million. An examination of amounts indicates increased $ 1,733 million, inventory increased $ 883 million, and to suppliers decreased $ 1,967 million.

Required:
Using the direct method, calculate
(1) Cash received from customers
(2) Cash paid to suppliers.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... 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... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...