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Newark Company has provided the following information: Cash sales, $630,000 Credit sales, $1,530,000 Selling and administrative expenses, $510,000 Sales returns and allowances, $108,000 Gross profit,
Newark Company has provided the following information:
- Cash sales, $630,000
- Credit sales, $1,530,000
- Selling and administrative expenses, $510,000
- Sales returns and allowances, $108,000
- Gross profit, $1,540,000
- Increase in accounts receivable, $73,000
- Bad debt expense, $51,000
- Sales discounts, $61,000
- Net income, $1,030,000
How much cash was collected from customers?
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