10. The Red River Company had credit sales of $800,000 during 2001. The accounts receivable balance at the beginning and end of 2001 were $40,000 and $140,000 respectively. What was the amount of cash collected from customers during the year? A. $700,000 B. $800,000 C. $840,000 D. $850,000 E . $900,000 On January 1, 2011, Nana Company paid $100,000 to acquire 8,000 shares of Papa Company's common stock. The 8,000 shares represent 10% of the total outstanding stock of Papa Company. Papa Company reported net income of $52,000 for 2011. The fair value of the Papa stock on December 31, 2011 was $45 per share. What amount will be reported in the December 31, 2011 balance sheet of Nana Company for its investment in Papa Company? A. $234,400 B. $300,000 (3. $315,600 D. $360,000 E. $405,800 During an inationary period, which inventory costing alternative will result in the lowest ending inventory balance? P FIFO B. LIFO C. weighted average D all inventory costing alternatives will result in the same net income E none of the above are correct