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The Seaside Corporation provides moving services to local clients. Seaside reported the following data for 2014: SEASIDE CORPORATION Statement of Financial Position As at December 31, 2014 Assets 2014 2013 Cash $88,600 $49,100 Accounts receivable 85,000 59,400 Prepaid insurance 70,000 60.000 Total current assets 243,600 168,500 Property, equipment and vehicles 360,000 305,000 Accumulated depreciation -110,400 -105,900 Total non-current assets 249,600 199,100 Total Assets $493,200 $367,600 Liabilities and Shareholders' Equity Accounts payable $21,500 $18,600 Wages Payable 3,000 4,000 Total current liabilities 24,500 22,600 Bank loan payable 50,000 60,000 Total liabilities 74,500 82,600 Common Shares 200,000 200,000 Retained Earnings 218,700 85,000 Total Shareholders' Equity 418,700 285,000 Total Liabilities & Shareholders' $493,200 $367,600 Equity SEASIDE CORPORATION Income Statement For the Year Ended December 31, 2014 Moving revenue $450,000 Gain on Sale of Vehicle 5,000 Total revenues $455,000 Expenses: Depreciation expense 59,500 Wage expense 134,000 SEASIDE CORPORATION Income Statement For the Year Ended December 31, 2014 Moving revenue $450,000 Gain on Sale of Vehicle 5.000 Total revenues $455,000 Expenses: Depreciation expense 59,500 Wage expense 134,000 Vehicle maintenance expense 102,400 Interest expense 5.400 301.300 Net income $153.700 Additional data: (1) A vehicle originally costing S65,000 was sold for $15,000 (2) Cash dividends were paid during the year, (3) All new property, equipment and vehicle purchases were purchased with cash, Using the DIRECT method, Cash Received from customers is? (assume all revenue is on credit) $509,000 $324,000 $365,000 $325,000 None of the above

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