The following selected account balances appeared on the financial statements of the washington company:
accounts receivable, jan. 1 $13,000
accounts receivable, dec. 31 9,000
accounts payable, jan 1 4,000
accounts payable dec. 31 7,000
merchandise inventory, jan 1 10,000
merchandise inventory, dec. 31 15,000
sales 56,000
cost of goods sold 31,000
question:
cash collections from customers are?
cash paid to suppliers is?

Cash Collections from customers = $60,000

Cash paid to suppliers = $33,000

Explanation:

Given:

Accounts Receivable, Jan  1 = $13,000

Accounts Receivable, Dec 31 = $9,000

Accounts Payable, Jan 1 = $4,000

Accounts Payable Dec. 31 = $7,000

Merchandise Inventory, Jan 1 = $10,000

Merchandise Inventory, Dec. 31 = $15,000

Sales = $56,000

Cost of Goods Sold = $31,000

Now,

Cash Collections from customers

= Accounts Receivable, Jan  1 + Sales - Accounts Receivable, Dec. 31

= $13,000 + $56,000 - $9,000

= $60,000

also,

Purchase

= Merchandise Inventory, Dec. 31 + Cost of Goods Sold - Merchandise Inventory, Jan 1

= $15,000 + $31,000 - $10,000

= $36,000

and,

Cash paid to suppliers

= Accounts Payable, Jan 1 + Purchase - Accounts Payable Dec. 31

= $4,000 + $36,000 - $7,000

= $33,000

anjan should should report alteast 5000 on the first apyment and 10,000 each year

explanation:

answer(c) factors of production;