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In: Accounting

The following accounts, among others, appeared on ZZ Company's balance sheet at January 1, 2020 and...

The following accounts, among others, appeared on ZZ Company's balance
sheet at January 1, 2020 and December 31, 2020:

                  January 1, 2020       December 31, 2020

Accounts receivable    48,000                63,000
Utilities payable      20,000                26,000
Notes payable          71,000                80,000
Common stock           30,000                90,000
Retained earnings      22,000                78,000

The following information was taken from ZZ Company's 2020 income
statement:

Sales revenue                   $500,000
Cost of goods sold               280,000
Other expenses                   120,000
Net income                      $100,000

Calculate the amount of cash collected from customers during 2020.

Solutions

Expert Solution

Calculation of cash collection from customer during 2020:
Beginning accounts receivable $           48,000
Add:Sales revenue during the year $       5,00,000
Less:Ending accounts receivable $           63,000
Cash collection from customer $       4,85,000

ekkarill92 answered 3 years ago
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