Lui Company's 2010 income statement reported total sales revenue of $350,000.

Lui Company's 2010 income statement reported total sales revenue of $350,000. The 2009-2010 comparative balance sheets showed that accounts receivable increased by $20,000. The 2010 "cash receipts from customers" would be: (2 points) a. $270,000 b. $250,000 c. $330,000 d. $40,000

Expert Solution

Let beginning AR=$100,000

Hence ending AR=(100,000+20,000)=$120,000

Ending AR=Beginning AR+Sales revenue-Cash receipts from customers

120,000=100,000+350,000-Cash receipts from customers

Cash receipts from customers=100,000+350,000-120,000

=$330,000.

jeff jeffy answered 2 years ago

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Question

Lui Company's 2010 income statement reported total sales revenue of $350,000.

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Expert Solution

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