Worldwide Corp.'s statement of financial position accounts as of December 31, 2023 and 2022 and information relating to 2023 activities are presented below. ​   December 31,   ​ 2023 ​ ​ 2022 Assets Cash $440,000 $160,000 Short-term investments 800,000 – Accounts receivable (net) 1,150,000​ 1,270,000 Inventory 1,130,000 1,000,000 Long-term investments 400,000 600,000 Plant assets 3,100,000 2,000,000 Accumulated depreciation (700,000) (900,000) Patent 280,000 300,000 ​ Total assets $6,620,000​ $4,430,000 Liabilities and Equity Accounts payable $1,580,000​ $1,320,000 Other accrued liabilities 200,000 250,000 Notes payable (nontrade) 560,000 – Common Stock-$10 par 1,600,000 1,400,000 Additional paid-in capital 800,000 500,000 Retained earnings 1,880,000 960,000 ​ Total equity and liabilities $6,620,000​ $4,430,000   Information relating to 2023 activities:•Net income for 2023 was $1,220,000. This amount includes net sales revenue of $4,540,000 and cost of goods sold of $2,100,000.•Equipment costing $1,000,000 and having a carrying amount of $320,000 was sold in 2023 for $360,000.•A long-term investment was sold in 2019 for $345,000. There were no other transactions affecting long-term investments in 2023.•20,000 ordinary shares were issued in 2023 for $25 a share.•Short-term investments consist of treasury bills maturing on 9/30/24.Compute cash collected from customers.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Worldwide Corp.'s statement of financial position accounts as of December 31, 2023 and 2022 and information relating to 2023 activities are presented below.

  December 31,  

2023
2022

Assets

Cash $440,000 $160,000
Short-term investments 800,000
Accounts receivable (net) 1,150,000​ 1,270,000
Inventory 1,130,000 1,000,000
Long-term investments 400,000 600,000
Plant assets 3,100,000 2,000,000
Accumulated depreciation (700,000) (900,000)
Patent 280,000 300,000
Total assets $6,620,000​ $4,430,000

Liabilities and Equity

Accounts payable $1,580,000​ $1,320,000
Other accrued liabilities 200,000 250,000
Notes payable (nontrade) 560,000
Common Stock-$10 par 1,600,000 1,400,000
Additional paid-in capital 800,000 500,000
Retained earnings 1,880,000 960,000
Total equity and liabilities $6,620,000​ $4,430,000

 

Information relating to 2023 activities:
•Net income for 2023 was $1,220,000. This amount includes net sales revenue of $4,540,000 and cost of goods sold of $2,100,000.
•Equipment costing $1,000,000 and having a carrying amount of $320,000 was sold in 2023 for $360,000.
•A long-term investment was sold in 2019 for $345,000. There were no other transactions affecting long-term investments in 2023.
•20,000 ordinary shares were issued in 2023 for $25 a share.
•Short-term investments consist of treasury bills maturing on 9/30/24.

Compute cash collected from customers.

 

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