i. Wasser Ltd provides the following information that relates to the year ended 31 December 2021:
Sales for the year $400,000
Discounts allowed to customers $ 7,000
Bad debts expense $ 10,000
Accounts receivable, 1 January 2021 $150,000
Accounts receivable, 31 December 2021 $170,000
Wasser Ltd uses the direct method. How much cash was received from customers during the year?
a. $403,000
b. $397,000
c. $383,000
d. $363,000
e. $370,000
