The following are from Forman's comparative balance sheet and 2017 income statement:
$$\begin{array} { | l | r | r | }
\hline & \text { December 31,2017 } & \text { January 1, 2017 } \
\hline \text { Accounts receivable } &\$ 2 2 , 0 0 0 & \$ 19 , 0 0 0 \
\text { Unearned revenue } &3 , 0 0 0 & 4,000 \
\text { Salaries payable } & 8 , 0 0 0 &5 , 0 0 0\
\text { Sales revenue } & 154,000 & \
\text { Salaries expense } &8 8 , 0 0 0 &
\end{array}$$
Determine the amount of cash that Forman collected from customers during 2017.

Question

The following are from Forman's comparative balance sheet and 2017 income statement:
$$\begin{array} { | l | r | r | } 
\hline & \text { December 31,2017 } & \text { January 1, 2017 } \
\hline \text { Accounts receivable } &\$ 2 2 , 0 0 0  &  \$ 19 , 0 0 0  \
\text { Unearned revenue } &3 , 0 0 0 & 4,000 \
\text { Salaries payable } & 8 , 0 0 0  &5 , 0 0 0\
\text { Sales revenue } & 154,000 & \
\text { Salaries expense } &8 8 , 0 0 0 &
\end{array}$$
Determine the amount of cash that Forman collected from customers during 2017.

Quizplus · Accepted Answer

Sales revenue is $154,000. Accounts receivable increased by $3,000 ($22,000 - $19,000). Unearned revenue decreased by $1,000 ($3,000 - $4,000). So, cash collected from customers is $154,000 + $3,000 - $1,000 = $156,000.

The Following Are from Forman's Comparative Balance Sheet and 2017