Question
Southbend Company had sales of $745,000 for the year. The company reported accounts receivable of $58,000 at the end of last year and $60,000 at
Southbend Company had sales of $745,000 for the year. The company reported accounts receivable of $58,000 at the end of last year and $60,000 at the end of this year. Southbend's cost of goods sold this year was $450,000. 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, Southbend reported inventory of $66,000 and accounts payable of $41,000.
Calculate the amount of cash that Southbend collected from its customers during the year.
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