Question
McGuckens Software sold $1,354,000 of merchandise for cash and had credit sales totaling $2,658,000. It collected cash from customers in the amount of $3,396,000. McGuckens
a. Determine the amount of revenue that should be recognized this year.
b. Determine the cost of goods sold (amount) that should be matched with this year’s revenue, assuming no change in inventory (that is, beginning inven- tory equals ending inventory).
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College Accounting A Contemporary Approach
Authors: David Haddock, John Price, Michael Farina
3rd edition
77639731, 978-0077639730
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