At
January 1, 2011, Apex Inc. had accounts receivable of $72,000. At December 31,
2011, the accounts receivable balance was $59,000. Sales for 2011 were
$420,000. Sales returns and allowances for the year were $10,000. Purchase
discounts were in the amount of $4,200 and sales discounts $1,000. Calculate
Apex’s 2011 cash receipts from customers.
|
Sales
|
$420,000
|
|
Less:
Sales returns and allowances
|
(10,000)
|
|
Less:
Sales discounts
|
(1,000)
|
|
Add:
Decrease in accounts receivable
|
13,000
|
|
Cash received
from customers
|
$422,000
|
