Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Alex Company prepares its statement of cash flows using the direct method for operating activities. For the year ended December 3 1 , 2 0

Alex Company prepares its statement of cash flows using the direct method for operating activities. For the year ended December 31,2024, Alex Company reports the following:
Sales on account $2,100,000
Cash sales 1,110,000
Decrease in accounts receivable 915,000
Increase in accounts payable 108,000
Increase in inventory 72,000
Cost of goods sold 1,575,000
What is the amount of cash collections from customers reported by Alex Company for the year ended December 31,2024?
Question 40 options:
A)
$3,015,000
B)
$3,210,000
C)
$4,125,000
D)
$2,295,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Indirect labor would be included in factory overhead. True False

Answered: 1 week ago

Question

What is Indian Polity and Governance ?

Answered: 1 week ago