Answer: $4,965,000
Explanation:
From the question, we are informed that Hong Kong Clothiers reported revenue of $5,000,000 for its year ended December 31, 2018 and that the accounts receivable at December 31, 2017 and 2018, were $320,000 and $355,000, respectively.
From the above analysis HongKong Clothiers would report cash collected from customers of:
= $5,000,000 + $320,000 - 355,000
= $4,965,000
