Business, 10.05.2021 21:00 leslieguerrero2225

Salem Company prepares its statement of cash flows using the direct method for operating activities. For the year ended December 31, 2020, Salem Company reports the following activity: Sales on account $2,100,000 Cash sales 1,110,000 Decrease in accounts receivable (gross amount) 915,000 Increase in Allowance for doubtful accounts 8,000 Increase in accounts payable 108,000 Increase in inventory 72,000 Cost of goods sold 1,575,000 Bad debt expense 15,000 Required: What is the amount of cash collections from customers reported by the Company for the year ended December 31, 2020

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Salem Company prepares its statement of cash flows using the direct method for operating activities....

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