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Sales for the year were $600,000. Accounts receivable were $100,000 and $80,000 at the beginning and end of the year, respectively. Cash received from customers to be reported on the statement of cash flows using the direct method is$700,000$620,000$600,000$580,000

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Answer:

$620,000

Explanation:

Cash received is a function of sales and account receivables at the beginning and end of the period.

Sales = $600,000

Beginning Accounts receivable = $100,000

Closing account receivables = $80,000

Cash received from customers to be reported on the statement of cash flows using the direct method

= $600,000 + $100,000 - $80,000

= $620,000

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