You must also show all steps in your calculation to earn full credit. Lagos Corp. recorded...
You must also show all steps in your calculation to earn full credit.
- Lagos Corp. recorded sales of $345,000 in 2010. In addition, its accounts receivable and accounts payable balances at the beginning and end of 2010 were as follows: (2 points)
|
Jan. 1, 2010 |
Dec. 31, 2010 |
||
|
Accounts Receivable |
$65,000 |
$90,000 |
|
|
Accounts Payable |
$32,000 |
$28,000 |
|
How much cash did Lagos collect from customers in 2010?
|
a. |
$345,000 |
|
b. |
$320,000 |
|
c. |
$324,000 |
|
d. |
$316,000 |
Homework Answers
b. $320,000
Cash Lagos collect from customers in 2010 = $345,000 + $65,000 - $90,000 = $320,000
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Lagos Corp. recorded...
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