Calculation of cash received from customers

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Reference no: EM1314614

calculation of cash received from customers.

The following balance sheets are provided for Victor Foods

	End of Year	Beginning of Year
Cash and cash equivalents ...................................	$170,000	$120,000
Accounts receivable ...................................	80,000	65,000
Inventory ................................	140,000	130,000
Plant and equipment (net) ............................	130,000	80,000
Total assets ........................................	$520,000	$395,000
Accounts payable (for merchandise) ..................	$ 65,000	$ 35,000
Wages payable ............................................	120,000	110,000
Long-term liabilities .....................................	95,000	70,000
Common stock ..........................................	100,000	100,000
Retained earnings ............................................	140,000	80,000
Total liabilities and owner's equity ......................	$520,000	$395,000

Selected information from Victor Food's current year income statement:

Sales ................................................................	$1,650,000
Cost of goods sold .............................................	40,000
Wages expense .................................................	260,000

Compute the following (and show your work to earn partial credit in the event your responses are incorrect):

Cash received from customers during the year ........................$______________

Indicate the best answer to each question in the space provided.

Reference no: EM1314614

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