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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