BrasPetro S.A., a large Brazilian petrochemical company, reported a balance of R$1,594.9 million in Accounts Receivable at

Question:

BrasPetro S.A., a large Brazilian petrochemical company, reported a balance of R$1,594.9 million in at the beginning of Year 7 and R$1,497.0 million at the end of Year 7. Its income statement reported total Sales Revenue of R$12,134.5 million for Year 7. Assuming that BrasPetro makes al sales on account, compute the amount of cash collected from customers during Year 7.BrasPetro applies Brazilian accounting standards, and reports its results in millions of reals (R$), the Brazilian currency. In answering this question, assume that BrasPetro uses either
U.S. or IFRS; for purposes of this problem, this choice will not matter.

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the... 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...