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Hitman42 [59]
3 years ago
15

Hong kong clothiers reported revenue of $5,000,000 for its year ended december 31, 2016. accounts receivable at december 31, 201

5 and 2016, were $320,000 and $355,000, respectively. using the direct method for reporting cash flows from operating activities, hong kong clothiers would report cash collected from customers of:_________ a) $5,045,000. b) $5,000,000. c) $4,965,000. d) $5,035,000.
Business
1 answer:
Eddi Din [679]3 years ago
3 0

Answer:

C) $4,965,000.

Explanation:

cash collected form customers = accounts receivable beginning balance + total revenue - accounts receivable beginning balance = $320,000 + $5,000,000 - $355,000 = $4,965,000

The direct method only uses actual cash outflows and inflows to calculate the cash flow from operating activities.

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This will appear as follows

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<u>Details                                                                         $      </u>

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