Solution-Calculate the amount of cash collected

Calculate the amount of cash collected

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Question - The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2005 and December 31, 2005:

	January 1, 2005	December 31, 2005
Inventory	52,000	49,000
Accounts payable	40,000	71,000
Salaries payable	3,000	9,000
Investment	68,000	75,000
Accounts receivable	83,000	56,000
Land	58,000	88,000
Mortgage payable	120,000	95,000
Common stock	100,000	180,000
Retained earnings	22,000	35,000

The following information was taken from Buckeye Company's 2005 income statement:

Sales revenue	$420,000
Cost of goods sold	300,000
Salaries expense	94,000
Net income	$26,000

Calculate the amount of cash collected from customers during 2005. Do not use decimals in your answer.

Reference no: EM132058521

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Calculate the amount of cash collected

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