Condensed financial data of Needles Corporation appear below:

NEEDLES CORPORATION
Comparative Statements of Financial Position
As at December 31, 2013
	2013	2012
Assets
Cash	$74,700	$35,000
Accounts receivable	90,000	53,000
Merchandise inventory	120,000	132,000
Prepaid expenses	21,000	25,000
Long-term investments	90,000	75,000
Property, plant, and equipment	310,000	250,000
Accumulated depreciation	-65,000	-60,000
Total	$640,700	$510,000
Liabilities and Shareholders' Equity
Accounts payable	$93,000	$75,000
Accrued expenses payable	29,000	24,000
Bonds payable	135,000	160,000
Common shares	240,000	170,000
Retained earnings	143,700	81,000
Total	$640,700	$510,000
NEEDLES CORPORATION
Income Statement
Year Ended December 31, 2013
Sales		$500,000
Expenses:
Cost of goods sold	$295,000
Operating expenses	65,000
Depreciation expense	17,000
Interest expense	18,000
Loss on sale of equipment	3,000	398,000
Profit before income tax		102,000
Income tax expense		15,300
Profit		$86,700

Additional information regarding fiscal 2013:

1. New equipment costing $85,000 was purchased for cash.

2. Old equipment costing $25,000 was sold for $10,000 cash when the carrying amount was $13,000.

3. Cash dividends were declared and paid during the year.

4. Accounts payable pertain to merchandise purchases.

Using the DIRECT method, Cash Received from customers is? (assume all revenue is on credit)

Question 23 options:

	$609,000
	$463,000
	$375,000
	$325,000
	None of the above