Erie Company reports the following comparative balance sheets and income statement information for the current year. Comparative Balance Sheets 12/31/201512/31/2016Assets Cash $96,000? $ 56,000 Accounts receivable 40,000? 24,000? Prepaid insurance 40,000? 48,000? Inventory 16,000? 32,000? Property, plant & equipment 48,000? 56,000? Total Assets $ 240,000 $216,000? Liabilities and Stockholder's Equity Accounts payable $ 56,000 $40,000? Salaries payable 24,000? 48,000? Long-term notes payable 32,000? 40,000? Common stock 28,000? 28,000? Retained earnings 100,000? 60,000? Total Liabilities and Stockholders'
Equity $ 240,000 $216,000? 2016 Income StatementRevenue$320,000? Cost of goods sold (168,000)? Gross margin 152,000? Operating expenses (88,000)? Net income$64,000? What was the cash received from customers during the year?
A. $280,000
B. $336,000
C. $296,000
D. $320,000
Answer: B
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Which one of the following is correct?
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In computing earnings per share, preferred dividends are subtracted from net income
Indicate whether the statement is true or false
Yield measures the ratio of the materials output quantity to the materials input quantity
Indicate whether the statement is true or false
Which one of the following is the grandest and least useful reification used in public relations?
A. So-called "strategic planning" D. "Nonpublics" B. "General public" E. Demographics C. "Working theory"