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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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