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Pharoah Company had sales of $744,000 for the year. The company reported accounts receivable of $60,000 at the end of last year and $60,000 at
Pharoah Company had sales of $744,000 for the year. The company reported accounts receivable of $60,000 at the end of last year and $60,000 at the end of this year. Pharoah's cost of goods sold this year was $451,000. In last year's statement of financial position, the company reported inventory of $62,000 and accounts payable of $32,000. In this year's statement of financial position, Pharoah reported inventory of $66,000 and accounts payable of $35,000. (a) Calculate the amount of cash that Pharoah collected from its customers during the year
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