Exeter Enterprise Inc. reported net sales of $250 million last year and generated a net income of $55.00 million. Last year’s ac
counts receivable increased by $35 million. What is the maximum amount of cash that Exeter Enterprise Inc. received from sales last year?
1 answer:
Answer:
The maximum amount of cash that Exeter Enterprise Inc. received from sales last year is $20 million
Explanation:
Net Income = $55 million
Increase in receivable = $35 million
Net Sales = $250 million
Cash Received from sales = Net Income - increase in receivables
Cash Received from sales = $55 million - $35 million
Cash Received from sales = $20 million
The maximum amount of cash that Exeter Enterprise Inc. received from sales last year is $20 million
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