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Sheffield Corp. Comparative Balance Sheets December 31 2022 2021 Assets: Current Assets: Cash $ 1390000 $1060000 Accounts Receivable (net) 3130000 2140000 Inventory 3900000 2540000 701000

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Sheffield Corp. Comparative Balance Sheets December 31 2022 2021 Assets: Current Assets: Cash $ 1390000 $1060000 Accounts Receivable (net) 3130000 2140000 Inventory 3900000 2540000 701000 632000 Prepaid Expenses Total Current Assets 9121000 6372000 Long-Term Investments 450000 Plant Assets Property, Plant & Equipment 4390000 2879000 Accumulated Accumulated Depreciation (899000) (539000) Total Plant Assets 3491000 2340000 Total Assets $13062000 $8712000 Equities: Current Liabilities: Accounts Payable $2550000 $2192000 Accrued Expenses 619000 562000 Dividends Payable 404000 Total Current Liabilities 3573000 2754000 Long-Term Notes Payable 1652000 Stockholders' Equity Common Stock 6200000 4800000 Retained Earnings 1637000 1158000 Total Equities $13062000 $8712000 Sheffield Corp. Comparative Income Statements December 31. 2022 2021 Net Credit Sales $14050000 $7505000 Cost of Goods Sold 7830000 3764000 Gross Profit 6220000 3741000 Operating Expenses (including Income Tax) 5170000 2746000 Net Income $1050000 $ 995000 Additional Information: a. Accounts receivable and accounts payable relate to merchandise held for sale in the normal course of business. The allowance for bad debts was the same at the end of 2022 and 2021, and no receivables were charged against the allowance Accounts payable are recorded net of any discount and are always paid within the discount period. b. The proceeds from the note payable were used to finance the Additional Information: a. Accounts receivable and accounts payable relate to merchandise held for sale in the normal course of business. The allowance for bad debts was the same at the end of 2022 and 2021, and no receivables were charged against the allowance. Accounts payable are recorded net of any discount and are always paid within the discount period. b. The proceeds from the note payable were used to finance the acquisition of property, plant, and equipment. Capital stock was sold to provide additional working capital. What amount of cash was collected from 2022 accounts receivable? $14050000 $15040000 $13060000 $6530000

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