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Sales revenue and Cost of goods sold for the year ended December 31, 2020 were $250,000 and $200,000, respectively. Sales revenue and Cost of goods
Sales revenue and Cost of goods sold for the year ended December 31, 2020 were $250,000 and $200,000, respectively.
Sales revenue and Cost of goods sold for the year ended December 31, 2019 were $180,000 and $90,000, respectively.
Net income was $50,000 and $25,000 for the years ended December 31, 2020 and 2019, respectively.
The balance sheet at December 31, 2020 had assets of $250,000 and liabilities of $50,000
- List two balance sheet accounts you would expect to be affected by the increase in sales and whether the effect is an increase or decrease and why. (4 points)
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