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: $$\begin{array} { l c c }
& \text { Jan. 1,2010 } & \text { Dec. 31, 2010 } \
\text { Accounts Receivable } & \$ 65,000 & \$ 90,000 \
\text { Accausts Payable } & \$ 32,000 & \$ 28,000
\end{array}$$
How much cash did Lagos collect from customers in 2010?
A) $345,000
B) $320,000
C) $324,000
D) $316,000

Question

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: $$\begin{array} { l c c } 
& \text { Jan. 1,2010 } & \text { Dec. 31, 2010 } \
\text { Accounts Receivable } & \$ 65,000 & \$ 90,000 \
\text { Accausts Payable } & \$ 32,000 & \$ 28,000
\end{array}$$
How much cash did Lagos collect from customers in 2010?
A) $345,000
B) $320,000
C) $324,000
D) $316,000

Quizplus · Accepted Answer

$345,000 +$65,000 - $90,000 = $320,000

Lagos Corp How Much Cash Did Lagos Collect from Customers in 2010