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In its 2020 income statement, Dumbledore Limited reported $695,000 for service revenue earned from membership fees. Here is select information from their balance sheet:
In its 2020 income statement, Dumbledore Limited reported $695,000 for service revenue earned from membership fees. Here is select information from their balance sheet: 2020 2019 Assets: Cash 4,000 8,000 Accounts 49,000 42,000 Receivable Prepaid Rent 1,000 2,000 Liabilities: Accounts Payable 20,000 19.000 Unearned 20,000 10,000 Revenue Notes Payable 4,000 4,000 Shareholder's Equity: Common Stock 1,000 1,000 Retained Earnings 9.000 18,000 How much cash must have been received from customers? 692,000 696,000 None of the given answers 691,000 695,000
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