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:
$\begin{array}{lll}
&\text {Jan. 1, 2010 }&\text { Dec. 31,2010 }\
\text { Accounts Receivable } & \$ 65,000 & \$ 90,000 \
\text { Accounts Payable } & \$ 32,000 & \$ 28,000
\end{array}$

How much cash did Lagos collect from customers in 2010?

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:
$\begin{array}{lll}
&\text {Jan. 1, 2010 }&\text { Dec. 31,2010 }\
\text { Accounts Receivable } & \$ 65,000 & \$ 90,000 \
\text { Accounts Payable } & \$ 32,000 & \$ 28,000
\end{array}$

How much cash did Lagos collect from customers in 2010?

Quizplus · Accepted Answer

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

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