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Lobo Company's balance sheets for December 31, 20X1 and 20X2 showed the following: 20X2 20X1 Cash $ 400 $ 550 Accounts receivable 250 200 Property
Lobo Company's balance sheets for December 31, 20X1 and 20X2 showed the following:
20X2 | 20X1 | |
Cash | $ 400 | $ 550 |
Accounts receivable | 250 | 200 |
Property and equipment, net | 1,250 | 1,500 |
Total assets | $1,900 | $2,250 |
Accounts payable | $ 120 | $ 220 |
Common stock | 1,000 | 1,000 |
Retained earnings | 780 | 1,030 |
Total liabilities and stockholders' equity | $1,900 | $2,250 |
During 20X2, Lobo reported revenues of $2,400 and expenses of $630. How much cash did Lobo receive from customers during 20X2?
a. | $2,300 | |
b. | $2,350 | |
c. | $2,400 | |
d. | $2,450 | |
e. | none of the above |
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