The following information was taken from the 2011 financial statements of Jones Corporation:

Accounts receivable, January 1, 2011-----------$30,000

Accounts receivable, December 31, 2011---------40,000

Sales (all credit sales)---------------------------------480,000

Note-no accounts receivable were written off or recovered during the year

1,Determine the cash collections from customers by Jones Corporation in 2011.

2,Comment on why cash collected from customers differed from sales.