d. Collection of cash from customers from sales on account during the year. 33. Effects of transactions involving suppliers and customers on cash flows. WollyMartin Limited, a large retailer, provided...

d. Collection of cash from customers from sales on account during the year. 33. Effects of transactions involving suppliers and customers on cash flows. WollyMartin Limited, a large retailer, provided the following information from its accounting records for the year ended September 30, 2008: Selected Balance Sheet Accounts September 30, 2008 September 30, 2007 Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . € 8,600 € 8,000 Less: Allowance for Uncollectibles . . . . . . . . . . . . . . . . . . . . (750) (700) Merchandise Inventory. . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 11,000 Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,500 7,000 Selected Income Statement Accounts 2008 Sales Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . € 130,000 Bad Debt Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,000) Cost of Goods Sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (85,000) WollyMartin’s business is characterized by many retail customers—some of whom have not paid for goods they have purchased—and many suppliers of goods, some of whom have delivered goods for which the firm has not yet paid. WollyMartin settles all its accounts with customers and suppliers with cash, never with noncash assets. a. Calculate the amount of cash WollyMartin received from its customers during the year. b. Calculate the amount of cash WollyMartin paid to its suppliers during the year.