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The following selected account balances appeared on the financial statements of the Washington Company: Accounts receivable, Jan. 1 $14,248 Accounts receivable, Dec. 31 6,232 Accounts
The following selected account balances appeared on the financial statements of the Washington Company:
Accounts receivable, Jan. 1 | $14,248 |
Accounts receivable, Dec. 31 | 6,232 |
Accounts payable, Jan. 1 | 5,804 |
Accounts payable, Dec. 31 | 8,672 |
Merchandise inventory, Jan. 1 | 8,894 |
Merchandise inventory, Dec. 31 | 15,216 |
Sales | 64,562 |
Cost of merchandise sold | 34,702 |
The Washington Company uses the direct method to calculate net cash flow from operating activities. Cash collections from customers were
$87,054
$72,578
$56,546
$64,562
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