Use the Following Information for Questions 51 Through 55

question 100

Multiple Choice

Use the following information for questions 51 through 55.
Harlan Mining Co. has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Harlan Mining Co. for 2015 and 2014 are provided below.
The following additional data were provided:
1. Dividends for the year 2015 were $144,000.
2. During the year, equipment was sold for $180,000. This equipment cost $264,000 originally and had a book value of $216,000 at the time of sale. The loss on sale was incorrectly charged to cost of sales.
3. All depreciation expense is in the selling expense category.
-Under the direct method, the cash received from customers is

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Definitions:

Sample Space

The collection of every potential result that can emerge from a statistical experiment.

Mutually Exclusive

A statistical term describing events that cannot occur at the same time.

Collectively Exhaustive

A condition where a set of events covers all possible outcomes, ensuring that every possible scenario is accounted for.

Probability

The quantification of an event's chance of happening, represented as a number from 0 to 1.