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On December 18, Intel receives $260,000 from a customer toward a cash sale of $2.6 million for computer chips to be ompleted on January 23. The computer chips had a total production cost of $1.6 million. In addition to the Cash account, how will this receipt of cash be reflected in financial statements on December 31? lote: Enter your answers in dollars, not in millions (i.e. $5.5 million should be entered as $5,500,000). Balance Sheet Gain

On December 18, Intel receives $260,000 from a customer toward a cash sale of $2.6 million for computer chips to be ompleted on January 23. The computer chips had a total production cost of $1.6 million. In addition to the Cash account, how will this receipt of cash be reflected in financial statements on December 31? lote: Enter your answers in dollars, not in millions (i.e. $5.5 million should be entered as $5,500,000). Balance Sheet Gain

FINANCIAL ACCOUNTING
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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Check my work On December 18, Intel receives $260,000 from a customer toward a cash sale of $2.6 million for computer chips to be completed on January 23. The computer chips had a total production cost of $1.6 million. In addition to the Cash account, how will this receipt of cash be reflected in financial statements on December 31? Note: Enter your answers in dollars, not in millions (i.e. $5.5 million should be entered as $5,500,000). Balance Sheet Gain
Transcribed Image Text:Check my work On December 18, Intel receives $260,000 from a customer toward a cash sale of $2.6 million for computer chips to be completed on January 23. The computer chips had a total production cost of $1.6 million. In addition to the Cash account, how will this receipt of cash be reflected in financial statements on December 31? Note: Enter your answers in dollars, not in millions (i.e. $5.5 million should be entered as $5,500,000). Balance Sheet Gain
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