Question

1. How much cash is received from sales to customers for year 2021? assume all the sales were made on credit basis. 2. What is the net increase or decrease in the cash account for year 2021?

Answer 1

The financial statement is used to show the cash received from the customers

• The total cash received is $292,700
• The cash increase is $47000

How to determine the cash received

From the complete question, we have:

Total cash receipts from customers = $319,700

less beginning balance owed                 27,000

So, the cash received is:

Cash = Total cash receipt - Beginning balance owed

This gives

Cash = $319,700 - $27,000

Evaluate the difference

Cash = $292,700

The net increase or decrease

Also from the question, we have:

Cash increased from $15,700 to $62,800

The difference (d) is:

d =  $62,800 - $15,700

d =  $47,100

Hence, the cash increase is $47000

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