Assets Cash Accounts receivable Prepaid insurance Inventory Property, plant & equipment Total Assets Liabilities and Stockholder's Equity Accounts payable Salaries payable omparative Balance sheet Long-term notes payable Common stock Retained earnings Total Liabilities and Stockholders' Equity Income Statement Revenue $ 290,000 Beginning of Year $ 90,000 34,000 34,000 10,000 42,000 $ 210,000 $50,000 18,000 26,000 22,000 94,000 $ 210,000 End of Year $ 50,000 18,000 42,000 26,000 50,000 $ 186,000 $ 34,000 42,000 34,000 22,000 54,000 $ 186,000

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
icon
Related questions
Question
Erie Company reports the following comparative balance sheets and income statement information for the current year. All revenues are from credit sales.
Comparative Balance Sheets
Assets
Cash
Accounts receivable
Prepaid insurance
Inventory
Property, plant & equipment
Total Assets
Liabilities and Stockholder's Equity
Accounts payable
Salaries payable
Long-term notes payable
Common stock
Retained earnings
Total Liabilities and Stockholders' Equity
Income Statement
Revenue
Cost of goods sold
Gross margin
Operating expenses
Net income
$
What was the cash received from customers during the year?
$ 290,000
(162,000)
128,000
(82,000)
46,000
Beginning of Year
$ 90,000
34,000
34,000
10,000
42,000
$ 210,000
$ 50,000
18,000
26,000
22,000
94,000
$ 210,000
End of Year
$ 50,000
18,000
42,000
26,000
50,000
$ 186,000
$ 34,000
42,000
34,000
22,000
54,000
$ 186,000
Transcribed Image Text:Erie Company reports the following comparative balance sheets and income statement information for the current year. All revenues are from credit sales. Comparative Balance Sheets Assets Cash Accounts receivable Prepaid insurance Inventory Property, plant & equipment Total Assets Liabilities and Stockholder's Equity Accounts payable Salaries payable Long-term notes payable Common stock Retained earnings Total Liabilities and Stockholders' Equity Income Statement Revenue Cost of goods sold Gross margin Operating expenses Net income $ What was the cash received from customers during the year? $ 290,000 (162,000) 128,000 (82,000) 46,000 Beginning of Year $ 90,000 34,000 34,000 10,000 42,000 $ 210,000 $ 50,000 18,000 26,000 22,000 94,000 $ 210,000 End of Year $ 50,000 18,000 42,000 26,000 50,000 $ 186,000 $ 34,000 42,000 34,000 22,000 54,000 $ 186,000
Multiple Choice
O
O
о
O
$256,000
$272,000
$290,000
$306,000
Transcribed Image Text:Multiple Choice O O о O $256,000 $272,000 $290,000 $306,000
Expert Solution
steps

Step by step

Solved in 3 steps with 2 images

Blurred answer
Knowledge Booster
Balance Sheet Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Essentials Of Investments
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
FUNDAMENTALS OF CORPORATE FINANCE
FUNDAMENTALS OF CORPORATE FINANCE
Finance
ISBN:
9781260013962
Author:
BREALEY
Publisher:
RENT MCG
Financial Management: Theory & Practice
Financial Management: Theory & Practice
Finance
ISBN:
9781337909730
Author:
Brigham
Publisher:
Cengage
Foundations Of Finance
Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,
Fundamentals of Financial Management (MindTap Cou…
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education