How much cash is received from sales to customers for year 2019? Assume all the sales were made on credit basis. 2. What is the net increase or decrease in cash for year 2019?

Question Completion:

Extracts from the financial statements of Cruz, Inc. for the year ended December 31, 2019:

Sales Revenue for 2019 $326,000

                                        2019      2018

Accounts Receivable  $27,000  $33,300

Cash balance                62,800     15,700

Cruz, Inc.

a) Cash received from sales to customers for year 2019:

$292,700 (after deducting the $27,000 owed the previous year)

b) The net increase or decrease in cash for year 2019:

= $47,100

Explanation:

Accounts Receivable

Accounts Title                  Debit              Credit

Beginning balance      $27,000

Sales                         $326,000

Cash receipts                                      $319,700

Ending balance                                    $33,300

Total cash receipts from customers = $319,700

less beginning balance owed                 27,000

Cash receipts from sales to customers for year 2019 $292,700

Cash increased from $15,700 to $62,800, an increase of $47,100.

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