# Question & Answer: nswer to situation (a) is given as an illustration: a. Total cash received \$3, 650 b. Total cash collected from credit custo…..

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Calculate the unknown amount required in each of the following five independent situations. The answer to situation (a) is given as an illustration: a. Total cash received \$3, 650 b. Total cash collected from credit customers \$ c. Notes payable repaid during the period \$ d. Good and services received from suppliers on account \$ e. Net income, assuming that no dividends were paid \$

Cash Collected from Credit Customers = Credit Sales + Beginning Accounts Receivable – Ending Accounts Receivable
Cash Collected from Credit Customers = \$16,500 + \$9,000 – \$9,300
Cash Collected from Credit Customers = \$16,200

Notes Payable Repaid during the year = Beginning Notes Payable + Notes issued- Ending Notes Payable
Notes Payable Repaid during the year = \$17,500 + \$30,000 – \$20,000
Notes Payable Repaid during the year = \$27,500