The following information was taken from 2011 financial statement of Jones Corperation: Accounts Receiable, Jan 1, 2011 30,000 Account receivable, Dec 31, 2011 40,000 Sales (all credit sales) 480

The following information was taken from 2011 financial statement of Jones Corperation:

Accounts Receiable, Jan 1, 2011 30,000

Account receivable, Dec 31, 2011 40,000

Sales (all credit sales) 480,000

no account receivables were written off or recovered during the year

A. Determine the cash collected from customers by Jones Corperation in 2011?

B. Comment on why cash collected from customers differed from sales?

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