32. on december 31, 2016, wellstone company reported net income of $70,000 and sales of $210,000. the company also reported beginning and ending accounts receivable at $20,000 and $25,000, respectively. wellstone will report cash collected from customers in its 2016 statement of cash flows (direct method) in the amount of: a.$215,000.

On january 1, 2017, pharoah company issued 10-year, $2,020,000 face value, 6% bonds, at par. each $1,000 bond is convertible into 16 shares of pharoah common stock. pharoah’s net income in 2017 was $317,000, and its tax rate was 40%. the company had 97,000 shares of common stock outstanding throughout 2017. none of the bonds were converted in 2017. (a) compute diluted earnings per share for 2017. (round answer to 2 decimal places, e.g. $2.55.) diluted earnings per share