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

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Accounting

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

Arch Associates
Comparative Balance Sheets
12/31/Year 1 12/31/Year 2
Cash $ 16,000 $ 26,000
Accounts receivable 8,000 12,000
Prepaid insurance 14,000 12,000
Inventory 10,000 6,000
Property, plant and equipment 16,000 14,000
Total assets $ 64,000 $ 70,000
Accounts payable $ 12,000 $ 16,000
Salaries payable 14,000 8,000
Long term notes payable 16,000 14,000
Stockholders' equity 22,000 32,000
Total liabilities and equity $ 64,000 $ 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

$146,000.

$142,000.

$154,000.

$150,000.

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\table[[\table[[Vaughn Inc.],[Balance Sheets]]],[,Dec. 31,2025,Jan. 1,2025,Inc./Dec.],[Assets,,,,],[Cash,$44,100,$12,740,$31,360,Inc.],[Accounts receivable,89,180,86,240,2,940,Inc.],[Equipment,38,220,21,560,16,660,Inc.],[Less: Accumulated depreciation-equipment,16,660,10,780,5,880,Inc.],[Total,$154,840,$109,760,,],[Liabilities and Stockholders' Equity.,,,,],[Accounts payable,$19,600,$14,700,$4,900,Inc.],[Common stock,98,000,78,400,19,600,Inc.],[Retained earnings,37,240,16,660,20,580,Inc.],[Total,$154,840,$109,760,,]] ...

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