Cartell Paper Products

Balance Sheet

December 31, 2012 and 2011

12/31/12 12/31/11

Current Assets:

Cash $4,600 $3,100

Accounts Receivable 9,600 7,900

Inventory 17,500 18,600

Supplies 1,200 2,100

Prepaid Insurance 1,400 1,000

Total Current Assets 34,300 32,700

Long-term Assets:

Fixed Assets 71,000 58,000

Accumulated Depreciation (30,400) (26,500)

Patent 6,000 7,100

Total Long-term Assets 46,600 38,600

Total Assets $80,900 $71,300

Current Liabilities:

Accounts Payable $6,100 $4,900

Wages Payable 2,200 2,600

Interest Payable 800 1,000

Taxes Payable 2,300 1,600

Total current Liabilities 11,400 10,100

Long-term Liabilities: Bonds Payable 20,300 24,000

Total Liabilities 31,700 34,100

Stockholders Equity:

Common Stock 22,700 20,000

Retained Earnings 26,500 17,200

Total Stockholders Equity 49,200 37,200

Total Liabilities and Stockholders Equity $80,900 $71,300

Cartell Paper Products

Income Statement

For the Year Ended December 31, 2012

Sales $147,600

Cost of Goods Sold 63,800

Gross Profit 83,800

Less Operating Expenses:

Wages Expense $40,100

Supply Expense 3,600

Insurance Expense 3,000

Depreciation Expense 3,900

Amortization Expense 1,100

Rent Expense 5,400 57,100

Operating Income 26,700

Interest Expense 2,600

Income before Taxes 24,100

Income Tax Expense 10,800

Net Income $13,300

Referring to Exhibit 5-1, what was the cash collected from customers by Cartell Paper Products in 2012?

$138,000

$145,900

$147,600

$149,200

$157,200