At January 1, 2020, Apex Inc., a private company following ASPE, had accounts receivable of $72,000. At
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At January 1, 2020, Apex Inc., a private company following ASPE, had accounts receivable of $72,000. At December 31, 2020, the accounts receivable balance was $59,000. Sales revenue for 2020 was $420,000. Sales returns and allowances for the year were $10,000. Purchase discounts were in the amount of $4,200 and sales discounts were $1,000. Calculate Apex's 2020 cash receipts from customers.
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Related Book For 
Intermediate Accounting Volume 2
ISBN: 9781119497042
12th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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