Partial Balance Sheets and Additional Information Are Listed Below for Funk

question 82

Essay

Partial balance sheets and additional information are listed below for Funk Company.
Additional information for 2009:
Net income was $170,000.
Depreciation expense was $30,000.
Sales totaled $800,000.
Cost of goods sold totaled $325,000.
Required:
Calculate the amount of cash received from customers during 2009.
Funk Company
Partial Balance Sheets
as of December 31
$\begin{array} { l r r } \text { Assets } & \mathbf { 2 0 0 9 } & \mathbf { 2 0 0 8 } \\ \text { Cash } & \$ 40,000 & \$ 20,000 \\ \text { Accounts receivable } & 94,000 & 90,000 \\ \text { Inventory } & 25,000 & 40,000 \\ \text { Liabilities } & & \\ \text { Accounts payable } & \$ 58,000 & \$ 72,000 \end{array}$

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Definitions:

Nicotine

A stimulant drug found in tobacco products that is highly addictive and can have both stimulating and calming effects on the body.

Real Cigarette

A traditional cigarette made from tobacco and wrapped in paper, as opposed to electronic cigarettes or other alternatives.

Control Group

In experimental research, a group of subjects that does not receive the experimental treatment and is used as a benchmark to measure how the other tested subjects do.

Experimental Group

In research, this group is exposed to the intervention or treatment being tested, in contrast to the control group.