Question - The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2005 and December 31, 2005:
|
|
January 1, 2005
|
December 31, 2005
|
|
Inventory
|
52,000
|
49,000
|
|
Accounts payable
|
40,000
|
71,000
|
|
Salaries payable
|
3,000
|
9,000
|
|
Investment
|
68,000
|
75,000
|
|
Accounts receivable
|
83,000
|
56,000
|
|
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 Buckeye Company's 2005 income statement:
|
Sales revenue
|
$420,000
|
|
Cost of goods sold
|
300,000
|
|
Salaries expense
|
94,000
|
|
Net income
|
$26,000
|
Calculate the amount of cash collected from customers during 2005. Do not use decimals in your answer.