QUESTIONS 45 THROUGH 68 RELATE TO FINANCIAL STATEMENT ANALYSIS

48. Selected information from a company’s comparative income statements and balance sheets is presented below. Selected Income Statement Datafor the year ended August 31

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(US$ thousands)2011 2010Sales revenue $100,000 $ 95,000Cost of goods sold 47,000 47,500Depreciation expense 4,000 3,500Net income $ 11,122 $ 4,556Selected Balance Sheet Dataas of August 31

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Current AssetsCash & investments $ 21,122 $ 25,000Accounts receivable 25,000 13,500Inventories 13,000 8,500Total current assets $ 59,122 $ 47,000Current LiabilitiesAccounts payable $ 15,000 $ 15,000Other current liabilities 7,000 9,000Total current liabilities $ 22,000 $ 24,000The cash collected from customers in 2011 is closest to: A. $88,500. B. $96,100. C. $111,500.