Sales reported on the income statement were $372,000. The accounts receivable balance declined $4,500 over the year. The amount of cash received from customers was $367,500. True or false
Added by Nchimunya H.
Step 1
This is the total revenue from sales, not necessarily the cash received from customers. The accounts receivable balance declined $4,500 over the year. This means that customers paid off $4,500 of their outstanding credit, turning it into cash for the company. Show more…
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