CASH PAID FOR INVENTORY PURCHASES Using the following information, compute cash collected from…

CASH PAID FOR INVENTORY PURCHASES Using the following information, compute cash collected from…

CASH PAID FOR INVENTORY PURCHASES
Using the following information, compute cash collected from customers.

Sales $10,000
Cost of goods sold $ 5,300
Operating expenses $ 3,800

 

End of Year Beginning of Year
Prepaid operating expenses $1,000 $ 700
Accounts payable $1,350 $1,200
Inventory $2,500 $2,100
Accounts receivable $1,400 $1,375