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252170252 mm Saved Arch Associates reports the following comparative balance sheets and income statement information...

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Accounting

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252170252 mm Saved Arch Associates reports the following comparative balance sheets and income statement information 3 Arch Associates Comparative Balance Sheets 12/31/Year 12/31/Year $26,900 Cash Accounts receivable Prepaid insurance Inventory Property, plant and equipment Total assets Accounts payable Salaries payable Long term notes payable Stockholders' equity Total liabilities and equity $16,000 8,000 14,000 10,000 16,000 $64,000 $12,000 14 , 16,000 22,000 $64,000 12,888 12,000 6,000 14,000 $70,000 $16,000 8,000 14,000 32,000 $70,000 Income Statement Year Ended 12/31/Year 2 Revenue $150,000 Cost of goods sold 60,000 Gross margin 90,000 Operating expense 40,000 Net income $ 50,000 The amount of cash collected from customers during Year 2 was. Multiple Choice Mc Graw Hill IT E 1 Type here to search

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