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Question 12 The comparative balance sheets, income statement and supplementary notes of the "Initech Company" are shown below. INITECH COMPANY Statement of Flaachal Position Assets Cash Accounts Recekatte Advances to Suppliers Investory lovestory Prepaid Insurance Land Buildings and Equipment (con Accumulated Depreciation Total Assets As of 12/31 2009 2010 83,750 95,000 110,000 116,250 81.875 75,000 156250 175,000 66,250 61.250 62,500 69,500 156250 153,750 2.500) (9.500 6H375 676,250 131.250 98,750 97,500 25,000 18,750 22,500 81 250 154,375 15.000 644375 127,500 101375 108,750 31.250 22.500 27,500 81,250 154.375 18.750 676250 Llabilities and Shareholders' Equity Accounts Payatle-Suppliers Salaries Payable Advances from Customers Interest Payable Income Tax Payatle Dividends Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Shareholders' Equity Statementoni Revenues Gain on Sale of Bulldog Equipment Cost of Goods Sold Wage and Salary expense Depreciation expense Insurance expense Interest expense Tax expense Total Expenses Net Income Year ended 12/31/2010 1,058,750 18,750 710,000 256,250 26,250 32.183 9.375 17375 1051 438 20062 SONY Supplementary notes: - In 2010, no common stock was repurchased or retired and no notes payable were issued. - Buildings & Equipment with a net book value of $92,500 (cost less accumulated depreciation) was sold in 2010. - Inventories are stated at the lower of cost or market. Cost is principally determined using the last-in, first-out (LIFO) method. The value of inventories on the LIFO basis represented about 90% of total inventories at December 31, 2010 and 85% at December 31, 2009. If the FIFO (first-in, first-out) method has been in use, inventories would have been $18,900 and $16,875 higher than reported at December 31, 2010 and 2009, respectively. REQUIRED: How much cash was collected from customers during 2010? Show all work in order to receive credit. Edit Format Table V 12pt Paragraph Y BIVA Tev