Exercise - Calculate operating activities-direct method
The income statement for Electronic Wonders reports net sales of $91,728 million and cost of goods sold of $69,248 million. An examination of balance sheet amounts indicates accounts receivable increased $1,730 million, inventory increased $880 million, and accounts payable to suppliers decreased $1,964 million.
Required: Using the direct method, calculate (1) cash received from customers and (2) cash paid to suppliers.