A Company Reported the Following Information How Much Cash Was Collected from Customers During 2014?
A)$972,000

question 54

Multiple Choice

A company reported the following information: $\begin{array}{llcc} \text { Accounts receivable, December 31, 2014 } & \$ 122,000 \\ \text { Accountsreceivable, December 31, 2013 } & 113,000 \\ \text { Sales (all on credit) for 2014 } & 850,000 \\\end{array}$
How much cash was collected from customers during 2014?

• A)$972,000
• B)$841,000
• C)$859,000
• D)$963,000

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Definitions:

Long-Run Average Total Cost

The cost per unit of output incurred when all factors of production are variable, and scale of production can be changed.

Output

The amount of products or services produced by a company, industry, or economic system.

Total Fixed Cost

The sum of all costs that do not change with output level, including rent, salaries, and insurance.

Short Run

A period in economic analysis during which at least one input, such as plant size or capital, is fixed, limiting the ability to adjust to demand changes.