The following selected account balances appeared on the financial statements of the Washington Company: Accounts...

The following selected account balances appeared on the financial statements of the Washington Company:

Accounts Receivable, Jan. 1 $13,000

Accounts Receivable, Dec. 31 9,000

Accounts Payable, Jan 1 4,000

Accounts Payable Dec. 31 7,000

Merchandise Inventory, Jan 1 10,000

Merchandise Inventory, Dec. 31 15,000

Sales 56,000

Cost of Goods Sold 31,000

Question:

Cash Collections from customers are?

Cash paid to suppliers is?

Expert Solution

Cash Collections from customers = 13000 + 56000-9000 = $60000

Purchase = 15000 + 31000 -10000 = $36000

Cash paid to suppliers = 4000 + 36000-7000 =$33000

ekkarill92 answered 2 years ago

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