Chakravarthy Company's current year income statement reports the following: Sales $1,031,250 Cost of goods sold 687,500 Gross profit $343,750 Chakravarthy's comparative balance sheets show the following (accounts payable relate to merchandise purchases): End of Year Beg. of Year Accounts receivable $88,750 $75,000 Inventory 136,250 120,000 Accounts payable 38,750 46,250 Compute Chakravarthy's current-year cash received from customers and cash paid for merchandise purchased. Cash received from customers Answer Cash paid for merchandise Answer
