Question

The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1,...

The following selected account balances were taken from ABC Company's general
ledgers for 2019:

                      January 1, 2019       December 31, 2019
  Inventory                  47,000                56,000
  Accounts payable           50,000                28,000
  Salaries payable            9,000                 4,000
  Investments                68,000                75,000
  Accounts receivable        69,000                53,000
  Land                       58,000                88,000
  Notes payable              95,000               120,000
  Unearned revenue           17,000                25,000
  Common stock              100,000               170,000
  Retained earnings          23,000                35,000

The following information was taken from ABC Company's 2019 income statement:

  Sales revenue                   $420,000
  Cost of goods sold               300,000
  Salaries expense                  88,000
  Net income                      $ 32,000

Calculate the amount of cash collected from customers during 2019.

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