The Bears Corporation Has Provided You the Following Information

question 76

Essay

The Bears Corporation has provided you the following information:
• The accounts receivable balance increased $50,000.
• Net sales was $500,000.
• The gross profit was 40% of net sales.
• The inventory account increased $45,000.
• The accounts payable balance decreased $17,000.
• $7,500 of accounts receivable were written off.
• The bad debt expense was $10,000.
Required:
1.Determine the cash collected from customers.
2.Determine the cash paid to suppliers.

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Definitions:

Span Of Control

Refers to the number of subordinates or projects directly managed by a supervisor, affecting the structure and efficiency of the organization.

Reporting Manager

The individual to whom an employee directly reports, responsible for guiding their work and assessing their performance.

Initiation Phase

The beginning stage of a project where objectives are defined, scope is determined, and feasibility is assessed.

Project Kickoff

The initial meeting where the project team, and possibly stakeholders, come together to discuss the project's objectives, procedures, and the roles and responsibilities of team members.