Hupta Corporation reports for the year ended December 31, 2005, sales of $9,430 and cost of goods sold of $6,500. Other information as of December 31 is as follows:
$\begin{array}{lll}&2004&2005\
\text { Accounts receivable } & \$ 500 & \$ 550 \
\text { Inventory } & \$ 400 & \$ 380 \
\text { Accounts payable } & \$ 250 & \$ 290
\end{array}$
-Cash collected from customers for the year ended December 31, 2005, is:

Question

Hupta Corporation reports for the year ended December 31, 2005, sales of $9,430 and cost of goods sold of $6,500. Other information as of December 31 is as follows:
 $\begin{array}{lll}&2004&2005\
\text { Accounts receivable } & \$ 500 & \$ 550 \
\text { Inventory } & \$ 400 & \$ 380 \
\text { Accounts payable } & \$ 250 & \$ 290
\end{array}$
-Cash collected from customers for the year ended December 31, 2005, is:

Quizplus · Accepted Answer

Cash collected from customers = Sales + Beginning accounts receivable - Ending accounts receivable= $9,430 + $500 - $550= $9,480

Hupta Corporation Reports for the Year Ended December 31, 2005