You have the following data for Cable Company's accounts receivable and accounts payable for 2019: Accounts receivable,

Question:

You have the following data for Cable Company's and for 2019:
Accounts receivable, 1/1/2019 ........................... $ 6,325
2019 Sales on credit ........................................ 93,680
Accounts receivable, 12/31/2019 ........................ 7,950
Wages payable, 1/1/2019.................................... 4,960
2019 Wage expense ......................................... 49,510
Wages payable, 12/31/2019.................................. 3,625
Required:
1. How much cash did Cable collect from customers during 2019?
2. How would you classify cash collected from customers on the statement of cash flows?
3. How much cash did Cable pay for wages during 2019?
4. How would you classify the cash paid for wages on the statement of cash flows?
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...