Reference no: EM132954853
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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