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19. Refer to the financial statement information for Vanedelay, Corp. What amount of cash did Vandelay collect from customers for the year ended 12/31/18? Assume

19. Refer to the financial statement information for Vanedelay, Corp. What amount of cash did Vandelay collect from customers for the year ended 12/31/18? Assume Vandelay has no allowance for uncollectible accounts.

Income Statement

Year ended December 31

2018

Sales

$65,077.20

Cost of goods sold

(48,592.80)

Selling, general, & admin.

(13,597.20)

Other

(811.80)

Interest expense

(802.80)

Misc. gains, losses, & expenses

(446.40)

Net income (loss)

826.20

Vandelay, Corp.

Statements of Financial Position

At December 31

2018

2017

Current Assets

Cash

$3,825.0

$635.4

Accounts receivable

1,965.6

2,986.2

Inventories

11,943.0

12,335.4

Total current assets

17,733.6

15,957.0

Property, plant, and equipment, net

9,541.8

10,819.8

Other long term assets

2,293.2

3,178.8

Total assets

29,568.6

29,955.6

Current liabilities

Accounts payable

3,587.4

4,748.4

Accrued expenses and other liabilities

1,672.2

2,084.4

Taxes payable

338.4

943.2

Total current liabilities

5,610.6

9,545.4

Long term debt obligations

12,600.0

9,552.6

Shareholders equity

Common stock

3,798.0

3,783.6

Retained earnings

7,560.0

7,074.0

Total shareholders equity

11,358.0

10,857.6

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