At January 1, 2020, Apex Inc., a private company following ASPE, had accounts receivable of $72,000....
At January 1, 2020, Apex Inc., a private company following ASPE, had accounts receivable of $72,000. At December 31, 2020, the accounts receivable balance was $59,000. Sales revenue for 2020 was $420,000. Sales returns and allowances for the year were $10,000. Purchase discounts were in the amount of $4,200 and sales discounts were $1,000. Calculate Apex's 2020 cash receipts from customers.
Homework Answers
| Sales | $ 420,000.00 |
| Less: Sales returns and allowances | $ (10,000.00) |
| Less: Sales discounts | $ (1,000.00) |
| Add: Decrease in accounts receivable (72000 -59000) | $ 13,000.00 |
| Cash receipts from customers | $ 422,000.00 |
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At January 1, 2020, Apex Inc., a private company following ASPE,
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