The following information was taken from the 2009 financial statements of Jones Corporation:
|
Accounts receivable, January 1, 2009 |
$30,000 |
|
Accounts receivable, December 31, 2009 |
40,000 |
|
Sales (all credit sales) |
480,000 |
Required
a. Determine the cash collected from customers by Jones Corporation in 2009.
b. Comment on why cash collected from customers differed from sales.