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CASH RECEIVED FROM CUSTOMERS Potts Company’s sales for 20-2 were $800,000. The Accounts Receivable balance as of December 31, 20-1, was $90,000. This same account had a balance of $75,000 as of December 31, 20-2. Compute the amount of cash received from customers in 20-2.
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
CASH RECEIVED FROM CUSTOMERS Potts Company’s sales for 20-2 were $800,000. The Accounts Receivable balance as of December 31, 20-1, was $90,000. This same account had a balance of $75,000 as of December 31, 20-2. Compute the amount of cash received from customers in 20-2.
Compute the amount of cash received from customers in 20-2.
Explanation of Solution
Cash receipts from customers: It represents the total amount of cash received from the sales as well as from the accounts receivables.
Compute the amount of cash received from customers in 20-2.
Step 1: Calculate the change in accounts receivable.
Step 2: The Calculate the amount of cash received from customers in 20-2.
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