Hello,
I have used the formula:
Receipts from customers = opening acc receivable + sales - closing acc receivable
I have used it to determine a question about working out cash receipts from customers. I have a balance sheet from 2006 (closing balance) and 2005 (opening balance) and an income statement.
Is this the correct formula for determining such things?
Thanks a lot.
Peggy

Never mind! I have worked it out from the textbook. Who knew?

When all else fails consult the text