practical company had sales of 315 000 for the year the company reported accounts re 4372872

Practical Company had sales of $315,000 for the year. The company reported accounts receivable of $30,000 at the end of last year and $34,000 at the end of this year. Practical’s cost of goods sold this year was $246,000. In last year’s statement of financial position, the company reported inventory of $49,000 and accounts payable of $33,000. In this year’s statement of financial position, Practical reported inventory of $43,000 and accounts payable of $37,000. Required: a. Calculate the amount of cash that Practical Company collected from customers during the year. b. Calculate the amount of cash that Practical paid to suppliers for inventory during the year. View Solution:
Practical Company had sales of 315 000 for the year The

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