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In its accrual-basis income statement for the year ended December 31, 2014, Ralph Company reported revenue of $2,565,000. Additional information was as follows: Accounts receivable
In its accrual-basis income statement for the year ended December 31, 2014, Ralph Company reported revenue of $2,565,000. Additional information was as follows:
Accounts receivable 12/31/13 $418,500
Uncollectible accounts written off during 2014 17,200
Accounts Receivable 12/31/14 391,700
Required: Under the cash basis of net income determination, how much should Ralph report as revenue for 2014?
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