Question
The income statement for Electronic Wonders reports net sales of $91,618 million and cost of goods sold of $69,138 million. An examination of balance sheet
The income statement for Electronic Wonders reports net sales of $91,618 million and cost of goods sold of $69,138 million. An examination of balance sheet amounts indicates accounts receivable increased $1,719 million, inventory increased $869 million, and accounts payable to suppliers decreased $1,953 million.
Required:
Using the direct method, calculate (1) cash received from customers and (2) cash paid to suppliers. (Enter your answer in millions. (i.e., $10,000,000 should be entered as 10).)
Net Sales
Increase in accounts recievable
Cash recieved from customers
Cost of Goods sold
Purchases
Cash paid to suppliers
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Get StartedRecommended Textbook for
Financial Accounting
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
3rd edition
9780077506902, 78025540, 77506901, 978-0078025549
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