Harbinger Corporation reports the following balances: As of 12/31/19 As of 12/31/20 Accounts Receivable 70,000 80,000 (Gross) Inventory Accounts Payable 140,000 135,000 55,000 160,000 165,000 45,000 Unearned Revenue Year ended 12/31/20 Year ended 12/31/19 470,000 220,000 Sales 500,000 230,000 Cost of Goods Sold How much Cash did Harbinger collect from customers in 2020?
Harbinger Corporation reports the following balances: As of 12/31/19 As of 12/31/20 Accounts Receivable 70,000 80,000 (Gross) Inventory Accounts Payable 140,000 135,000 55,000 160,000 165,000 45,000 Unearned Revenue Year ended 12/31/20 Year ended 12/31/19 470,000 220,000 Sales 500,000 230,000 Cost of Goods Sold How much Cash did Harbinger collect from customers in 2020?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Harbinger Corporation reports the following balances:
As of
12/31/20
As of
12/31/19
Accounts Receivable
70,000
80,000
(Gross)
Inventory
Accounts Payable
140,000
135,000
55,000
160,000
165,000
45,000
Unearned Revenue
Year ended
Year ended
12/31/20
12/31/19
Sales
500,000
230,000
470,000
220,000
Cost of Goods Sold
How much Cash did Harbinger collect from customers in 2020?
Expert Solution
Step 1
Sales:
Sales include a number of goods and services sold by the organization during their accounting period.
Accounts receivable:
It is an amount that is received in the future from the person who owned the amount and from the customer to whom goods or services sold on credit. It is presented under the head assets in the balance sheet.
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