In its April 30, 2018 financial statements, Murphy Inc. (Murphy) reported a beginning accounts receivable balance of

Question:

In its April 30, 2018 financial statements, Murphy Inc. (Murphy) reported a beginning accounts receivable balance of $363,000 and an ending accounts receivable balance of $456,000. Murphy reported sales for the year ended April 30, 2018 of $4,626,000. All sales are on credit.

Required:

Calculate the amount of cash Murphy collected from customers during fiscal 2018.

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...