Exhibit 6.18 provides items from the financial statements of Infotech Corporation, a systems engineering firm, for the year. How much cash did Infotech collect from its customers during the year?
Exhibit 6.18.
Sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,508
Cost of Goods Sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,596)
Depreciation Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (114)
Other Expenses, Including Salaries and Wages Expense . . . . . . (2,276)
Income Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (210)
Net Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 312
DATA FROM BEGINNING- AND END-OF-YEAR BALANCE SHEETS
Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $782 Decrease
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 Decrease
Prepayments for Other Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 Decrease
Accounts Payable for Inventories. . . . . . . . . . . . . . . . . . . . . . . . . 90 Increase
Current Liabilities for Wages and Salaries Payable. . . . . . . . 240 Decrease