Calculate the following items for the statement of cash flows: a. Beginning and ending Accounts Receivable were

Question:

Calculate the following items for the statement of cash flows:

a. Beginning and ending Accounts Receivable were $25,000 and $24,000, respectively. Credit sales for the period totaled $69,000. How much were the cash collections from customers?

b. Cost of Goods Sold was $71,000. Beginning Inventory was $29,000, and Ending Inventory was $33,000. Beginning and ending Accounts Payable were $16,000 and $19,000, respectively. How much were the cash payments for inventory?

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =... 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...

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