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The following selected account balances were taken from ABC Company's general ledger at January 1, 2020 and December 31, 2020: January 1, 2020 December 31,
The following selected account balances were taken from ABC Company's general ledger at January 1, 2020 and December 31, 2020: January 1, 2020 December 31, 2020 Unearned revenue 12,000 22,000 Inventory 59,000 40,000 Accounts payable 40,000 51,000 Salaries payable 9,000 3,000 Investments 96,000 63,000 Accounts receivable 75,000 86,000 Land 58,000 88,000 Mortgage payable 120,000 95,000 Common stock 100,000 180,000 Retained earnings 22,000 35,000 The following information was taken from ABC Company's 2020 income statement: Sales revenue $426,000 Cost of goods sold 300,000 Salaries expense 94,000 Loss on sale of investments 6,000 Net income $ 26,000 Calculate the amount of cash collected from customers during 2020.
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