Question
ABC uses the modified cash basis income statement showing sales revenue of $753,000. The accountant has established that their customers owed the company $41,000 at
ABC uses the modified cash basis income statement showing sales revenue of $753,000. The accountant has established that their customers owed the company $41,000 at the end of the financial year. At the beginning of the year, clients owed $22,000. This was all collected in the current year. What will revenue be in the accrual basis income statement?
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Managerial Accounting Tools For Business Decision Making
Authors: Weygandt, Kimmel, Kieso
4th Edition
0470478535, 978-0470478530
