* 166During 2022, Bronze Company Had $130,000 in Cash Sales and and $1,020,000

question 65

Multiple Choice

* 166.During 2022, Bronze Company had $130,000 in cash sales and $1,020,000 in credit sales.The accounts receivable balances were $180,000 and $212,000 at December 31, 2021, and 2022, respectively.Using the direct method of reporting cash flows from operating activities, what was the total cash collected from all customers during 2022?

• A)$1,418,000.
• B)$1,642,000.
• C)$1,182,000.
• D)$1,118,000.

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Definitions:

Float Time

The period between when a check is deposited into a bank account and the time the funds are available for use.

Substitute Check

A digital reproduction of an original paper check that is legally considered the same as the original for processing payments.

Collection Process

The steps taken by creditors to collect debts owed to them by debtors, which may include notifications, negotiation, and legal action.

Unauthorized Indorsement

An endorsement made without the authority or permission of the party holding negotiable instruments, affecting the instrument's validity.