question 13 marke inc. had cash sales of $400,000 and credit sales of $1,150,000. the accounts receivable…

question 13 marke inc. had cash sales of $400,000 and credit sales of $1,150,000. the accounts receivable balance increased $30,000 during the year. how much cash did marke receive from its customers during the year? $780,000 $1,520,000 $1,550,000 $1,120,000 2 pts

question 13 marke inc. had cash sales of $400,000 and credit sales of $1,150,000. the accounts receivable balance increased $30,000 during the year. how much cash did marke receive from its customers during the year? $780,000 $1,520,000 $1,550,000 $1,120,000 2 pts

Answer

Explanation:

Step1: Calculate total sales

Total sales = Cash sales + Credit sales. So, total sales = $400,000 + $1,150,000=$1,550,000$.

Step2: Use accounts - receivable change formula

The formula for cash received from customers is: Cash received = Total sales - Increase in accounts receivable. We know total sales is $1,550,000$ and increase in accounts receivable is $30,000$. Cash received=$1,550,000 - 30,000$. Cash received = $1,520,000$.

Answer:

$1,520,000$