Byfort Company Reports the Following in Its Financial Statements *All Sales Are on Credit

question 32

Multiple Choice

Byfort Company reports the following in its financial statements:
$$\begin{array} { | l | c | c | } \hline & \underline { 2005 } & \underline { 2006 } \\\hline \text { Accounts receivable, net } & \$ 34,289 & \$ 29,678 \\\hline \text { Net sales* } & \$ 360,007 & \$ 450,000 \\\hline\end{array}$$
*All sales are on credit.
-How much did the company collect in cash from customers during 2006?

• A)$445,389
• B)$454,611
• C)$484,289
• D)$488,900

---

Definitions:

Publicly Filed Documents

Documents that are officially recorded and available to the public, often found in government or judicial systems.

Primary Source

Original documents, evidence, or records used in research, offering direct or firsthand evidence about an event, object, person, or work of art.

SEC

The Securities and Exchange Commission (SEC) is a U.S. federal agency responsible for enforcing federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other related activities.

Well-Recognized Blogs

Blogs that are widely known and respected for their content in a certain field or subject area.