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

question 43

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



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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