Reference no: EM132569635

THE Company reported the following income statement for 2021:

Sales revenue ............... $365,000
Cost of goods sold .......... 183,000
Insurance expense ........... 48,000
Utilities expense ........... 79,000
Net income .................. $ 55,000

The following selected account balances were taken from THE Company's accounting records during 2021:

                                         January 1, 2021                       December 31, 2021
Utilities payable                         37,000                                     24,000
Inventory                                  18,000                                    33,000
Accounts receivable                      62,000                                   39,000
Prepaid insurance                          29,000                                  36,000
Unearned revenue                         14,000                                   22,000
Accounts payable                           53,000                                 41,000

Question 1: The amount of cash collected from customers during 2021 was equal to:

Group of answer choices

Option 1: $388,000

Option 2: $350,000

Option 3: $365,000

Option 4: $380,000

Option 5: $396,000

Option 6: $342,000

Option 7: none of the above choices are correct