Condensed financial data of Waterway Industries follow. Condensed financial data

Question

Condensed financial data of Waterway Industries follow.

Condensed financial data of Waterway Industries follow. Waterway Industries Comparative Balance Sheets December 31 2016 Assets Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total 2017 $155,136 92,928 72,960 216,000 197,472 49,920 264,960 209,280 547,200 465,600 168,576 54,528 (96,000) 99,840) $1,310,400 $988,320 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $195,840 $129,216 40,320 211,200 280,320 422,400 336,000 449,280 202,464 $1,310,400 988,320 31,680 Waterway Industries Income Statement Data For the Year Ended December 31,2017 Sales revenue 745,843 Less: Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets 260,083 23,827 89,280 52,378 9,082 14,400 449,050 Net income 296,793

Explanation / Answer

Solution:

Computation of cash received from customers Particulars Amount Beginning accounts receivables $72,960.00 Add: Sales $745,843.00 Less: Ending accounts receivables $168,576.00 Cash received from customers $650,227.00

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