The Bears Corporation has provided you the following information: Increase in accounts receivable balance 50,000 Net...
The Bears Corporation has provided you the following information:
|
50,000 | |
| Net Sales | 500,000 | |
|
40% | |
| Increase in the inventory account | 45,000 | |
| Accounts payable balance decreased | 17,000 | |
| Accounts receivable writeoffs | 7,500 | |
| Bad debt expense | 10,000 |
1) Determine the cash collected from customers.
2) Determine the cash paid to suppliers.
Homework Answers
| Ans.1 | Cash collected from customers = 457500 | ||||
| *Calculation : | |||||
| Sales | 500000 | ||||
| Less: Increase in accounts receivables net of writeoffs (50000-7500) | -42500 | ||||
| Cash collected from customers | 457500 | ||||
| Ans.2 | Cash paid to Suppliers = 362000 | ||||
| *Calculation : | |||||
| Cost of goods sold | 300000 | ||||
| Add: increase in inventory | 45000 | ||||
| Add:Decrease in accounts payable | 17000 | ||||
| Cash paid to Suppliers | 362000 | ||||
| *Cost of goods sold = Net sales - Gross profit | |||||
| 500000 - 40% | |||||
| 300000 | |||||
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