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Compute the cash received from customers

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Question - C Company's current year income statement reports the following:

Sales

$825,000

Cost of Goods Sold

$550,000

Gross Profit

$275,000

C Company's comparative balance sheets show the following:

 

End of Year

Beginning of the Year

Accounts receivable

$71,000

$60,000

Inventory

$109,000

$96,000

Accounts payable

$31,000

$37,000

Compute the cash received from customers and the cash paid for inventory purchases.

Reference no: EM132430353

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