Lagos Corp recorded sales of $345,000 in 2010, in addition its accounts receivable and accounts payable balances at the beginning and end of 2010 were as follows: Jan. 1, 2010 Dec. 31, 2010 Accounts Receivable $65,000 $90,000 Accounts Payable $32,000 $28,000 How much cash did Lagos collect from customers in 2010?
a. $345,000
b. $320,000
c. $324,000
d. $316,000
B
$345,000 +$65,000 - $90,000 = $320,000
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