During the current year tachnic inc made cash sales of, Ask an Expert

Accounting

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 amount 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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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9960804

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