Reference no: EM132326261
Question
Marigold Corp.Comparative Balance Sheets.
December 31,20192018
Assets:Current Assets:
Cash$ 1400000 $1060000
Accounts Receivable (net) 3140000 2180000
Inventory 4000000 2520000
Prepaid Expenses 701000 632000
Total Current Assets 9241000 6392000
Long-Term Investments 450000
Plant Assets:Property, Plant & Equipment 4390000 2881000
Accumulated Depreciation (902000) (541000)
Total Plant Assets 3488000 2340000
Total Assets$13179000 $8732000
.Equities:Current Liabilities:
Accounts Payable $2548000 $2192000
Accrued Expenses 620000 565000
Dividends Payable 404000
Total Current Liabilities 3572000 2757000
Long-Term Notes Payable 1650000
Stockholders' Equity:Common Stock 5900000 4600000
Retained Earnings 2057000 1375000
Total Equities $13179000 $8732000
Marigold Corp.Comparative Income Statements.
December 31, 2019 2018
Net Credit Sales$14020000 $7505000
Cost of Goods Sold 7831000 3762000
Gross Profit 6189000 3743000
Operating Expenses (including Income Tax) 5171000 2747000
Net Income$1018000 $ 996000
Additional Information:
a. Accounts receivable and accounts payable relate to merchandise held for sale in the normal course of business. The allowance for bad debts was the same at the end of 2019 and 2018, and no receivables were charged against the allowance. Accounts payable are recorded net of any discount and are always paid within the discount period.
b. The proceeds from the note payable were used to finance the acquisition of property, plant, and equipment. Capital stock was sold to provide additional working capital.
What amount of cash was collected from 2019 accounts receivable?
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