The following selected account balances appeared on the financial statements of the Franklin Company. Use...
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Accounting
The following selected account balances appeared on the financial statements of the Franklin Company. Use these balances to answer the question that follow.
Accounts Receivable, Jan. 1
$13,656
Accounts Receivable, Dec. 31
8,264
Accounts Payable, Jan. 1
4,084
Accounts Payable, Dec. 31
7,927
Inventory, Jan. 1
8,103
Inventory, Dec. 31
13,777
Sales
69,809
Cost of Goods Sold
32,117
The Franklin Company uses the direct method to calculate net cash flow from operating activities. Assume that all accounts payable are owed to merchandise suppliers. Determine the cash collections from customers.
Select the correct answer.
$64,417
$69,809
$75,201
$71,358
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