Question
Leo Company reported sales of $200,000 during Year 2. Leo's balance sheets for Year 2 and Year 1 showed the following: Year 2 Year 1
Leo Company reported sales of $200,000 during Year 2. Leo's balance sheets for Year 2 and Year 1 showed the following:
Year 2 Year 1
Accounts receivable
$ 90,000 $ 80,000
Accounts payable
64,000 60,000
Based on this information, how much cash did Leo collect from sales during Year 2?
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Cost Management Accounting And Control
Authors: Don R. Hansen, Maryanne M. Mowen
4th Edition
0324069731, 978-0324069730
