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.
Worldwide Corp.'s
|
December 31, |
|
2023 |
| | 2022 |
Assets
Cash | $440,000 | $160,000 |
Short-term investments | 800,000 | – |
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 |
(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 |
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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