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The financial statements of Seldin, Inc., provide the following information for the current year:
| | Dec.31 | | Jan.1 | |
| Accounts receivable | $ | 35,000 | | | $ | 40,000 | |
| Inventory | $ | 55,000 | | | $ | 51,000 | |
| Prepaid expenses | $ | 12,000 | | | $ | 14,000 | |
| Accounts payable (for merchandise) | $ | 33,000 | | | $ | 32,000 | |
| Accrued expenses payable | $ | 15,000 | | | $ | 20,000 | |
| Net sales | $ | 260,000 | | | | | |
| Cost of goods sold | $ | 130,000 | | | | | |
| Operating expenses (including depreciation of $18,000) | $ | 80,000 | | | | | |
| - | |
| | | | | | | | | | | |
Compute the amount of cash received from customers during the current year.
Group of answer choices
$265,000
$255,000
$260,000
$ 40,000
Answer & Explanation
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