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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.
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