The 2016 income statement of Phillips Co. reported total sales revenue of $239,8

Question

The 2016 income statement of Phillips Co. reported total sales revenue of $239,800; the 2015 balance sheet showed a balance in accounts receivable of $38,100 while the 2016 balance sheet showed a balance in accounts receivable of $55,300. The amount of cash collected from customers was:

$277,900.

$257,000.

$222,600.

$239,800.

The 2016 income statement of Phillips Co. reported total sales revenue of $239,800; the 2015 balance sheet showed a balance in accounts receivable of $38,100 while the 2016 balance sheet showed a balance in accounts receivable of $55,300. The amount of cash collected from customers was:

Explanation / Answer

C. $222,600

The amount of cash collected from customers was:

= $38,100 + $239,800 - $55,300

= $222,600

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