Question

# Balance sheet data for Kilroy Company for 2022 appears below: January 1, 2022 December 31, 2022...

```Balance sheet data for Kilroy Company for 2022 appears below:

January 1, 2022     December 31, 2022
ASSETS:
Cash                             22,000               58,000
Accounts receivable              63,000               15,000
Inventory                        78,000               89,000
Land                             56,000               91,000

LIABILITIES + EQUITY:
Accounts payable                 24,000               33,000
Income taxes payable             17,000               26,000
Notes payable                    79,000               67,000
Common stock                     70,000               84,000
Retained earnings                29,000               43,000

Kilroy Company's 2022 income statement is given below:

Sales revenue                               246,000
Cost of goods sold                          159,000
Loss on sale of land                         52,000
Income tax expense                           14,000
Net income                                   21,000

Calculate the amount of cash collections from customers reported
by Kilroy Company in its 2022 statement of cash flows.```

The amount of cash collections from the customers reported by Kiroy Company in its 2022 statement cash flows is calculated as follows:

Particular \$ Particular \$
Account Receivable (Begining)    63,000 Cash Collected from Customer (Balance)      294,000
Sales Revenue    246,000 Account Receivable (Ending)    15,000
Total \$309,000    Total     \$309,000

The amount of cash collections from the customers reported by Kiroy Company in its 2022 statement cash flows is \$294,000.

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