29.Given below are comparative statements of financial position (balance sheets) and an income statement for Claret Corporation.

31 skipped eBook The financial statements of New World, Incorporated, provide the following information for the current year: Accounts receivable Inventory Prepaid expenses Accounts payable (for merchandise) Accrued expenses payable Net sales Cost of goods sold Operating expenses (including depreciation of $60,000) What is the amount of cash received from customers during the current year? Multiple Choice 0 O O 0 $3,220,000 $3,250,200 $3,162,750 $3nszsoo December 31 $ 284,000 $ 276,250 $ 71,500 $ 253,800 $ 66,150 s 3,152,500 $ 1,660,500 $ 373,500 January 1 S 351,500 $ 263,000 $ 63,500 $ 243,550 $ 77,950 Given below are comparative statements of nancial position (balance sheets) and an income statement for Claret Corporation. 29 Claret Corporation Balance Sheets Year 2 skipped December 31 January 1 Cash $ 16,400 $ 16,400 Accounts receivable 47,840 39,300 Inventory 33,300 37,200 El Equipment (net) 58,000 67,100 95'3\"" Total $ 155,540 $ 160,000 Accounts payable 26,800 29,400 Dividends payable 8,600 4,700 Long-term note payable 15,100 15,100 Capital stock, 55 par 73,600 73,600 Retained earnings 31,440 37,200 Total $ 155,540 $ 160,000 Claret Corporation Income Statement For the year ended Year 2 Sales 5 229,600 Cost of goods sold 137,620 Gross profit on sales 5 91,980 Operating expenses 75,948 Operating income $ 16,032 Interest expense and income taxes 9,500 Net income $ 6,532 All sales were made on account. Cash dividends declared during the year totaled $12,292. Claret Corporation's inventory turnover for Year 2 is: