MC Qu. 30 LO 21-03, 21-08 On December 31, 2013, Wellstone Company reported net i

Question

MC Qu. 30 LO 21-03, 21-08 On December 31, 2013, Wellstone Company reported net income of..

On December 31, 2013, Wellstone Company reported net income of $79,000 and sales of $204,000. The company also reported beginning and ending accounts receivable at $18,000 and $28,500, respectively. Wellstone will report cash collected from customers in its 2013 statement of cash flows (direct method) in the amount of:

  

$214,500.

$107,000.

$232,500.

$193,500.

On December 31, 2013, Wellstone Company reported net income of $79,000 and sales of $204,000. The company also reported beginning and ending accounts receivable at $18,000 and $28,500, respectively. Wellstone will report cash collected from customers in its 2013 statement of cash flows (direct method) in the amount of:

Explanation / Answer

Answer :

Statement of Cash flow Opening receivable 18000 Add:Sales 204000 Less: Closing receivable              (28,500) Cash Collected              193,500

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