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18. The following information pertains to Hawkeye Company's year 1 sales: Gross Cash sales Returns and allowances Gross Credit Sales 80,000 4,000 120,000 6,000 Discounts
18. The following information pertains to Hawkeye Company's year 1 sales: Gross Cash sales Returns and allowances Gross Credit Sales 80,000 4,000 120,000 6,000 Discounts On January 1, year 1, customers owed Hawkeye $50,000. On December 31, year 1, customers owed Hawkeye $30,000. Hawkeye uses the direct write-off method for bad debts. No bad debts were recorded in year 1. Under the cash basis of accounting, what amount of net revenue should Hawkeye report for year 1
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