Question: You must also show all steps in your calculation to earn full credit. Lagos Corp. recorded sales of $345,000 in 2010. In addition, its accounts
You must also show all steps in your calculation to earn full credit.
- Lagos Corp. recorded sales of $345,000 in 2010. In addition, its accounts receivable and accounts payable balances at the beginning and end of 2010 were as follows: (2 points)
| Jan. 1, 2010 | Dec. 31, 2010 | ||
| Accounts Receivable | $65,000 | $90,000 | |
| Accounts Payable | $32,000 | $28,000 | |
How much cash did Lagos collect from customers in 2010?
| a. | $345,000 |
| b. | $320,000 |
| c. | $324,000 |
| d. | $316,000 |
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