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Using the following financial statements for Protegen Incorporated, how much cash did the company receive from customers during 2020? BALANCE SHEET As of December
Using the following financial statements for Protegen Incorporated, how much cash did the company receive from customers during 2020? BALANCE SHEET As of December 31, Assets Cash Accounts Receivable Advances to Suppliers of Inventory Inventory Prepaid Insurance Land Buildings and Equipment (cost) Accumulated Depreciation Total Assets Liabilities and Shareholders' Equity Accounts Payable-Suppliers Salaries Payable 2020 2019 92,428 72,000 14,400 17,280 4,032 4,520 115,200 136,800 2,880 4,320 64,800 57,600 1,152,000 1,104,480 (486,720) (489,600) 959,020 907,400 28,800 49,160 25,920 24,480 Advances from Customers 10,240 12,960 Interest Payable Income Tax Payable Dividends Payable Notes Payable 4,320 2.880 5,760 7,200 1,440 720 345,600 352,800 Common Stock 381,600 360,000 Retained Earnings 155,340 97,200 Total Liabilities and Shareholders' Equity 959,020 907,400 INCOME STATEMENT Revenues 12/31/2020 1,440,000 Gain on Sale of Building/Equipment 35,000 Cost of Goods Sold 1,065,600 Wage and Salary expense 216,000 Depreciation expense 43,200 Insurance expense 25,920 Interest expense 10,800 Income before taxes 114,480 Tax expense 49,140 Net Income 65,340 Correct Answer $1,440,100 $1,442.880 $1.434.400 $1,440.000 $1,437 120
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