The general ledger of Link Company provides the following information: $$\begin{array} { l r c }
& \text { End of Year } & \text { Beginning of Year } \
\text { Accounts Receivable } & \$ 55,000 & \$ 94,000 \
\text { Inventory } & 310,000 & 210,000 \
\text { Accounts Payable } & 40,000 & 65,000
\end{array}$$ The company's net sales for the year was $2200000 and cost of goods sold amounted to $1500000.
Instructions
Compute the following:
(a) Cash receipts from customers.
(b) Cash payments to suppliers.

Question

The general ledger of Link Company provides the following information: $$\begin{array} { l r c } 
& \text { End of Year } & \text { Beginning of Year } \
\text { Accounts Receivable } & \$ 55,000 & \$ 94,000 \
\text { Inventory } & 310,000 & 210,000 \
\text { Accounts Payable } & 40,000 & 65,000
\end{array}$$ The company's net sales for the year was $2200000 and cost of goods sold amounted to $1500000.
Instructions
Compute the following:
(a) Cash receipts from customers.
(b) Cash payments to suppliers.

Quizplus · Accepted Answer

The Answer of The general ledger of Link Company provides the following information: $$\begin{array} { l r c } 
& \text { End of Year } & \text { Beginning of Year } \
\text { Accounts Receivable } & \$ 55,000 & \$ 94,000 \
\text { Inventory } & 310,000 & 210,000 \
\text { Accounts Payable } & 40,000 & 65,000
\end{array}$$ The company's net sales for the year was $2200000 and cost of goods sold amounted to $1500000.
Instructions
Compute the following:
(a) Cash receipts from customers.
(b) Cash payments to suppliers.

The General Ledger of Link Company Provides the Following Information