The income statement for Noble Corporation reported sales of

The income statement for Noble Corporation reported sales of $390,000 for the year, all of which were on account, and net income of $89,000. Accounts receivable was $38,000 at the beginning of the year and $46,000 at the end of the year. Calculate cash collected from customers during the year.              

A.

$398,000

B.

$97,000

C.

$382,000

D.

$390,000

Solution

To beginning balance 38000 By cash (balance) $382000 To sales 3900000 By ending balance 46000 Total 428000 Total 428000