Reference no: EM133000505
Question - You are provided with the following information:
Sales for the year $400,000
Discounts provided during the year to customers for early payment $10,000
Doubtful debts expense for the year $5,000
Opening balance of accounts receivable $90,000
Closing balance of accounts receivable $80,000
Opening balance of the provision for doubtful debts $9,000
Closing balance of the provision for doubtful debts $8,000
Cost of goods sold for the year $60,000
Purchases for the year (on credit terms) $80,000
Discounts received for early payment to suppliers $2,000
Stock write-offs owing to water damage caused by melting ice in the Antarctic $5,000
Opening balance of trade creditors $40,000
Closing balance of trade creditors $35,000
Opening balance of inventory $10,000
Closing balance of inventory $25,000
Required -
(a) Calculate the cash receipts from customers during the year.
(b) Calculate the cash payments to suppliers during the year.
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