Cash CollectionsDirect Method Emily Enterprises comparative balance sheets included accounts receivable of $224,600 at December 31, 2009,

Question:

Cash Collections—Direct Method Emily Enterprises’ comparative balance sheets included of $224,600 at December 31, 2009, and $205,700 at December 31, 2010. Sales reported on Emily’s 2010 income statement amounted to $2,250,000. What is the amount of cash collections that Emily will report in the Operating Activities category of its 2010 statement of cash flows assuming that the direct method is used?

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...

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Answer rating: 100% (12 reviews)

Cash collections to be reported in the Operating Activities section ...View the full answer

Answered By

Ali Khawaja

my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce

4.00+ 1+ Reviews 10+ Question Solved

Related Book For book-img-for-question

Using Financial Accounting Information The Alternative to Debits and Credits

ISBN: 978-1133161646

7th Edition

Authors: Gary A. Porter, Curtis L. Norton

See More Books

Question Posted: Jan 12, 2012 02:01 AM

See More Questions

Cash CollectionsDirect Method Emily Enterprises comparative balance sheets included accounts receivable of $224,600 at December 31, 2009,

Question:

Step by Step Answer:

Cash collections to be reported in the Operating Activities section ...View the full answer

Using Financial Accounting Information The Alternative to Debits and Credits

Students also viewed these Accounting questions