What is the cash receipts from customers?
 

Milea Incorporated experienced the following events in Year 1, its first year of operations: 1. Received $12,500 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,150. 4. Collected $35,150 of the accounts receivable. 5. Recorded $8,850 of accrued salaries at the end of the year. 6. Paid a $1,400 cash dividend to the stockholders.