Question
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 47,000 56,000 Accounts payable
The following selected account balances were taken from ABC Company's general ledgers for 2019:
January 1, 2019 December 31, 2019 Inventory 47,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 53,000 Land 58,000 88,000 Notes payable 95,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 170,000 Retained earnings 23,000 35,000
The following information was taken from ABC Company's 2019 income statement:
Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 88,000 Net income $ 32,000
Calculate the amount of cash collected from customers during 2019.
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