Cadion co. owned a controlling interest in knieval inc. cadion reported sales of $420,000 during 2018 while knieval reported $280,000. inventory costing $28,000 was transferred from knieval to cadion (upstream) during the year for $56,000. of this amount, twenty-five percent was still in ending inventory at year's end. total receivables on the consolidated balance sheet were $112,000 at the first of the year and $154,000 at year-end. no intra-entity debt existed at the beginning or ending of the year. using the direct approach, what is the consolidated amount of cash collected by the business from its customers?

For each of the following situations, indicate whether you agree or disagree with the financial reporting practice employed and state the basic assumption, component, or accounting principle that is applied (if you agree) or violated (if you disagree).wagner corporation adjusted the valuation of all assets and liabilities to reflect changes in the purchasing power of the dollar. spooner oil company changed its method of accounting for oil and gas exploration costs from successful efforts to full cost. no mention of the change was included in the financial statements. the change had a material effect on spooner's financial statements. cypress manufacturing company purchased machinery having a five-year life. the cost of the machinery is being expensed over the life of the machinery. rudeen corporation purchased equipment for $180,000 at a liquidation sale of a competitor. because the equipment was worth $230,000, rudeen valued the equipment in its subsequent balance sheet at $230,000.davis bicycle company received a large order for the sale of 1,000 bicycles at $100 each. the customer paid davis the entire amount of $100,000 on march 15. however, davis did not record any revenue until april 17, the date the bicycles were delivered to the customer. gigantic corporation purchased two small calculators at a cost of $32.00. the cost of the calculators was expensed even though they had a three-year estimated useful life. esquire company provides financial statements to external users every three years.