Mary Kay Cosmetics
Selected Data and Additional Information from the Company's

question 23

Essay

Mary Kay Cosmetics
Selected data and additional information from the company's records are presented below:
$\begin{array}{lll}\underline {\text { Balance Slicet Data }}&\underline { 2014 }&\underline { 2013 }\\ \text { Cash } & \$ 235,000 & 246,000 \\\text { Accountsreceivable } & \$ 120,000 & \$ 150,000 \\\text { Inventories } & 56,000 & 50,000 \\\text { Accounts payable } & 38,000 & 70,000 \\\text { Salaries payable } & 10,000 & 5,000 \\\text { Equipment } & 110,000 & 70,000 \\\text { Accumulated depreciation } & 28,000 & 32,000 \\\text { Bondspayable } & 100,000 & 200,000 \\\text { Common stock } & 300,000 & 200,000 \\\text { Retained earnings } &76,000& 400,000\\\\\underline {\text { Income Statement Data } }&&\underline { 2014 }\\\text { Net sales } && \$ 920,000 \\\text {Cost of goods sold } &&700,000\\\text { Operating expense (excluding depreciation expense) } &&160,000\\\text { Net income (Includes depreciation expense and gain) } &&56,000\\\text {Gain on sale of equipment } &&4,000\\\end{array}$ Additional information:
1. Equipment with a cost of $\$ 30,000$ and a book value of $\$ 18,000$ was sold for $\$ 22,000$ during 2014 .
2. Common stock was issued to retire bonds payable duing 2014 .
3. The only items affecting retained earnings in 2014 were net income and dividends declared and paid. Refer to Mary Kay Cosmetics.What amount of cash was collected from customers during 2014?

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Definitions:

Computers

Electronic devices designed to process data according to a set of instructions, known as programs.

Strategic

Relating to the identification of long-term or overall aims and interests and the means of achieving them, often within the context of business or military planning.

Outsourced

Refers to delegating a business process or task to an external service provider rather than handling it internally within the organization.

Resistance

Opposition or pushback encountered when trying to implement change, often due to discomfort or disagreement with new policies or practices.