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Compute for the current year the amount of net sales

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Question - During the current year, Tachnic Inc., made cash sales of $285,000 and credit sales of $460,000. During the year, accounts receivable decreased by $32,000.

a. Compute for the current year the amount of:

1. Net sales reported as revenue in the income statement.

2. Cash received from collecting accounts receivable.

3. Cash received from customers.

b. Write a brief statement explaining why cash received from customers differs from the amount of net sales.

Reference no: EM131913978

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