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The income statement for Electronic Wonders reports net sales of $91,758 million and cost of goods sold of $69,278 million. An examination of balance
The income statement for Electronic Wonders reports net sales of $91,758 million and cost of goods sold of $69,278 million. An examination of balance sheet amounts indicates accounts receivable increased $1,733 million, inventory increased $883 million, and accounts payable to suppliers decreased $1,967 million. Required: Using the direct method, calculate (1) cash received from customers and (2) cash paid to suppliers. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., $10,110,000 should be entered as 10.11).) Cash Received from Customers: Net sales Cash received from customers Cash Paid to Suppliers: Cost of goods sold Purchases Cash paid to suppliers
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