The Income Statement of Collins Co

question 121

Multiple Choice

The income statement of Collins Co.reported total sales revenue of $115,000 during the current year.Assume that all sales are credit sales.The company's comparative balance sheets reported a balance in accounts receivable of $17,500 at the beginning of the year and $25,000 at the end of the year.The cash inflow from customers during the current year equals:

• A) $107,500.
• B) $132,500.
• C) $115,000.
• D) $122,500.

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