During 2020, Stacy Ltd had $300,000 in cash sales and $3,500,000 in credit sales. The accounts receivable balances were $450,000 and $530,000 at December 31, 2019 and 2020, respectively. The total cash collected from all customers during 2020 was:

Question

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Cash collected from customers was $300,000 + 3,500,000 - (530,000 - 450,000) = $3,720,000.

During 2020, Stacy Ltd Had $300,000 in Cash Sales and $3,500,000