question archive On December 31, 2021, Wellstone Company reported net income of $75,000 and sales of $209,000
On December 31, 2021, Wellstone Company reported net income of $75,000 and sales of $209,000
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On December 31, 2021, Wellstone Company reported net income of $75,000 and sales of $209,000. The company also reported beginning and ending accounts receivable at $16.000 and $26.500, respectively. Wellstone will report cash collected from customers in its 2021 statement of cash flows (direct method) in the amount of points
Multiple Choice
$219,500
$235,500
$110,000
$198,500
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Answer: $198,500
Sales $209,000
Add opening balance of accounts receivable $16,000
Less Closing balance of accounts receivable $26,500
Cash collected during cash $198,500
