Question $22$

Questions $21-22$ relate to the comparative balance sheets, income statement and supplementary notes of the "Initech

Company" shown below.

INITECH COMPANY

Statement of Financial Position

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 received from customers during $2010?$ Show all work to receive cred

Questions $21-22$ relate to the comparative balance sheets, income statement and supplementary notes of the "Initech

Company" shown below.

INITECH COMPANY

Statement of Financial Position

Statement of Earnings