Register
The income statement for Noble Corporation reported sales of​ $390,000 for the​ year, all of which were on​ account, and net income of​ $89,000. Accounts receivable was​ $38,000 at the beginning of the
41.8k views
2 votes
The income statement for Noble Corporation reported sales of​ $390,000 for the​ year, all of which were on​ account, and net income of​ $89,000. Accounts receivable was​ $38,000 at the beginning of the year and​ $46,000 at the end of the year. Calculate cash collected from customers during the yearA. $398,000

B. $97,000
C. $382,000
D. ​$390,000

User Oleg Abrazhaev
by
5.0k points

1 Answer

4 votes

Answer:

The answer is C. $382,000

Step-by-step explanation:

To find cash collected from customers: Take Beginning Accounts receivable and add revenue to it, then subtract ending accounts receivable from the addition.

Please refer to the attached file for calculation.

The income statement for Noble Corporation reported sales of​ $390,000 for the​ year-example-1
User RikRak
by
4.6k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

5.1m questions

6.7m answers

Other Questions

Misk Co. purchased the following securities during 20X7 to be classified as held-to-maturity securities, trading securities, or available-for-sale securities: I. Debt securities bought and held for the
Which of the following should be considered last when searching for financing? Family members Banks Commercial finance companies Credit cards I'm guessing it's C but idk
Explain the similarities and differences between how both producers and consumer use money
Donna's philosophy as she coordinates the marketing efforts is to keep in mind the company's overarching strategy, and to ensure that all marketing activities send a consistent message, beginning with
Brett buys a new cell phone for​ $100. he receives consumer surplus of​ $80 from the purchase. how much does brett value his cell​ phone?
Link Copied!