Comparing Net Sales and Cash Receipts
During the current year, Tachnic, Inc., made cash sales of $289,000 and credit sales of $472,000. During the year, accounts receivable decreased by $32,000.
a. Compute for the current year the amounts of:
1. Net sales reported as revenue in the income statement.
2. Cash received from collecting accounts receivable.
3. Cash received from customers.
b. Write a brief statement explaining why cash received from customers differs from the amount of net sales.
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