A company collects $50,000 from customers for the year. Accounts Receivable at the beginning of the year is $5,000, and Accounts Receivable at the end of the year is $15,000. What is sales revenue for the year? O $65,000 O $60,000 O $40,000 O $55,000

A company collects $50,000 from customers for the year. Accounts Receivable at the beginning of the year is $5,000, and Accounts Receivable at the end of the year is $15,000. What is sales revenue for the year? O $65,000 O $60,000 O $40,000 O $55,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

A company collects $50,000 from customers for the year. Accounts Receivable at the beginning of the year is $5,000, and
Accounts Receivable at the end of the year is $15,000. What is sales revenue for the year?
O $65,000
$60,000
$40,000
$55,000

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Accounting for Cash and cash equivalents

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