Partial Balance Sheets and Additional Information Are Listed Below for Julius

question 17

Essay

Partial balance sheets and additional information are listed below for Julius Company.
Additional information for 2009:
Net income was $70,000.
Depreciation expense was $30,000.
Sales totaled $600,000.
Cost of goods sold totaled $325,000.
Required:
Calculate the amount of cash received from customers during 2009.
Julius Company
Partial Balance Sheets
as of December 31
$\begin{array} { l r r } \text { Assets } & \mathbf { 2 0 0 9 } & \mathbf { 2 0 0 8 } \\ \text { Cash } & \$ 20,000 & \$ 40,000 \\ \text { Accounts receivable } & 90,000 & 60,000 \\ \text { Inventory } & 40,000 & 25,000 \\ \text { Liabilities } & & \\ \text { Accounts payable } & \$ 72,000 & \$ 58,000 \end{array}$

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