The following selected account balances appeared on the financial statements of Washington Company:
Accounts Receivable, January 1 $16,209
Accounts Receivable, December 31 6,108
Accounts Payable, January 1 4,533
Accounts Payable, December 31 8,086
Merchandise Inventory, January 1 7,281
Merchandise Inventory, December 31 13,264
Sales 62,595
Cost of Merchandise Sold 32,767
Washington Company uses the direct method to calculate net cash flow from operating activities. Cash collections from customers were
a. $52,494
b. $62,595
c. $85,315
d. $72,696
Answers: 1
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The following selected account balances appeared on the financial statements of Washington Company:...
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