Toggle Company reported sales of $310,000 and cost of goods sold of $180,000 for 20X2 During 20X2, Toggle 's accounts receivable increased by $17,000, inventory decreased by $8,000, and accounts payable decreased by $21,000 Required Compute the amounts to be reported by Toggle as cash received from...

Cash flow statement Cash flow statement is a statement that records the cash inflow in operating act ...

Toggle Company reported sales of $310,000 and cost of goods sold of $180,000 for 20X2. During 20X2,

Question:

Toggle Company reported sales of $310,000 and cost of goods sold of $180,000 for 20X2. During 20X2, Toggle's increased by $17,000, inventory decreased by $8,000, and decreased by $21,000.

Required
Compute the amounts to be reported by Toggle as cash received from customers, cash payments to suppliers, and cash flows from operating activities for 20X2, assuming there were no other cash flows from operations.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...