Caler Corp.reported the following information for 2017 and 2018:$\begin{array}{lr}
\text { Accounts receivable, December } 31,2017 & \$ 67,000 \
\text { Accounts receivable, December 31,2018 } & 63,000 \
\text { Sales (all on credit)-2018 } & 745,000
\end{array}$ How much cash was collected from customers during 2018?

A)$741,000
B)$745,000
C)$749,000
D)$753,000

Question

Caler Corp.reported the following information for 2017 and 2018:$\begin{array}{lr}
\text { Accounts receivable, December } 31,2017 & \$ 67,000 \
\text { Accounts receivable, December 31,2018 } & 63,000 \
\text { Sales (all on credit)-2018 } & 745,000
\end{array}$ How much cash was collected from customers during 2018?

A)$741,000
B)$745,000
C)$749,000
D)$753,000

Quizplus · Accepted Answer

To calculate the cash collected from customers during 2018, we use the formula: Cash Collected = Sales on Credit + Beginning Accounts Receivable - Ending Accounts Receivable. Plugging in the given values: Cash Collected = $745,000 + $67,000 - $63,000 = $749,000.

Caler Corp How Much Cash Was Collected from Customers During 2018?