Answer:
Cash collected from customers =$574,000.
Explanation:
The cash collected ca be worked out using the formula below:
Opening balance of account. receivable + sales on account - Closing balance of account receivable
Note that addition credit sales increases the amount in the receivable account.
So we can apply this formula as follows:
112,000 + 560,000 - 98,000
= $574,000.
Cash collected from customers =$574,000.
Answer:
$574,000
Explanation:
For we to be able to know how much cash has been received during 2019, we should use this formula:
The formula is given as
cash collected = total sales on initial accounts receivables + account - ending accounts receivables.
Which we have in numerical as;
cash received for the period of 2019 = $112,000 + $560,000 - $98,000 = $574,000
So the final answer is $574,000
