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

Business

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