Question:

During the current year, Tachnic, Inc., made cash sales of$289,000 and credit sales of $472,000. During the year, accounts receivable decreased by $32,000.

a. Compute for the current year the amount of:

1. Net sales reported as revenue in the income statement.

2. Cash received from collecting accounts receivable.

3.Cash received from customers.

b. Write a brief statement explaining why cash received from customers differs from the amount of net sales.

Please do not copy from Chegg. Otherwise I have to report the answer.