Cash collections from customers during 2010 were $468,500,while net accounts receivable decreased $14,250.Sales reported on the income statement were:

Question

Quizplus · Accepted Answer

Net sales for the year can be calculated using the following formula:
Net sales = Cash Collections + Decrease in Accounts Receivable
Net sales = $468,500 – $14,250
Net sales = $454,250

Therefore, the best choice for sales reported on the income statement is B) $454,250.

Cash Collections from Customers During 2010 Were $468,500,while Net Accounts