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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