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Exeter Enterprise Inc. reported net sales of $250 million last year and generated a net income of $55.00 million. Last year’s accounts receivable increased by $35 million. What is the maximum amount of cash that Exeter Enterprise Inc. received from sales last year?

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hyderali230

Answer:

The maximum amount of cash that Exeter Enterprise Inc. received from sales last year is $20 million

Explanation:

Net Income = $55 million

Increase in receivable = $35 million

Net Sales = $250 million

Cash Received from sales = Net Income - increase in receivables

Cash Received from sales = $55 million - $35 million

Cash Received from sales = $20 million

The maximum amount of cash that Exeter Enterprise Inc. received from sales last year is $20 million

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