In its accrual-basis income statement for the year ended December 31, 2014, Dart Company reported revenue of
Question:
In its accrual-basis income statement for the year ended December 31, 2014, Dart Company reported revenue of $1,750,000. Additional information follows:
Accounts receivable 12/31/13 ............................. $375,000
Uncollectible accounts written off during 2014 .... 20,000
Accounts receivable 12/31/14 ............................... 505,000
Required:
Under the cash basis of income determination, how much should Dart report as revenue for 2014?
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Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
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