Answer:
The amount of cash receipts from customers is $1,033,678,000.
Explanation:
Assuming that the firm operates wholly on credit sales, the amount of cash receipts from the customers can be determined by:
Closing balance of Accounts receivable = Opening balance of Accounts receivable + credit sales for the period - receipts from the customers
As we know the closing and opening balance and the value of sales, plugging in the known variables in the formula we can calculate the amount of receipts from the customers.
267,653,000 = 206,024,000 + 1,095,307,000 - receipts from customers
Receipts from customers = 206,024,000 + 1,095,307,000 - 267,653,000
Receipts from customers = 1,033,678,000
Answer:
The amount of cash receipts from customers is $1,033,678,000
Explanation:
The movement in the accounts receivable balance at the start and end of an accounting period is due to cash payments, additional credit sales, and any amount written off during the period.
This may be expressed mathematically as
opening balance + sales - cash collected - amount written off = closing balance
$206,024,000 + $1,095,307,000 - cash collected = $267,653,000
Cash collected = $206,024,000 + $1,095,307,000 - $267,653,000
= $1,033,678,000
