Lagos Corp How Much Cash Did Lagos Collect from Customers in 2010

question 75

Multiple Choice

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: $$\begin{array} { l c c } & \text { Jan. 1,2010 } & \text { Dec. 31, 2010 } \\\text { Accounts Receivable } & \$ 65,000 & \$ 90,000 \\\text { Accausts Payable } & \$ 32,000 & \$ 28,000\end{array}$$
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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Definitions:

Re-perfect

The action of renewing or maintaining perfection of a security interest or lien to preserve its priority status against other claims.

Security Interest

A legal claim or right granted to a creditor or lender on a debtor's property as a security for a debt.

Perfection by Possession

A legal principle that secures a creditor's interest in a debtor's collateral upon taking possession of it.

Secured Party

A lender or creditor who has a security interest in collateral owned by the debtor, which gives them a legal right to the property if the debtor defaults.