Question
Newark Company has provided the following information: Cash sales, $540,000 Credit sales, $1,440,000 Selling and administrative expenses, $420,000 Sales returns and allowances, $99,000 Gross profit,
Newark Company has provided the following information:
- Cash sales, $540,000
- Credit sales, $1,440,000
- Selling and administrative expenses, $420,000
- Sales returns and allowances, $99,000
- Gross profit, $1,450,000
- Increase in accounts receivable, $64,000
- Bad debt expense, $42,000
- Sales discounts, $52,000
- Net income, $1,030,000
How much cash was collected from customers?
rev: 11_07_2020_QC_CS-240040
Multiple Choice
-
Cash flow increased $1,543,000.
-
Cash flow decreased $2,037,000.
-
Cash flow increased $1,422,000.
-
Cash flow increased $1,765,000.
Newark Company has provided the following information:
- Cash sales, $540,000
- Credit sales, $1,440,000
- Selling and administrative expenses, $420,000
- Sales returns and allowances, $99,000
- Gross profit, $1,450,000
- Increase in accounts receivable, $64,000
- Bad debt expense, $42,000
- Sales discounts, $52,000
- Net income, $1,030,000
How much cash was collected from customers?
rev: 11_07_2020_QC_CS-240040
Multiple Choice
-
Cash flow increased $1,543,000.
-
Cash flow decreased $2,037,000.
-
Cash flow increased $1,422,000.
-
Cash flow increased $1,765,000.
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Advanced Accounting
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
11th edition
538480289, 978-0538480284
