Partial balance sheets and additional information are listed below for Funk Company. Funk Company Partial Balance Sheets as of December 31 2018 2017 Assets Cash $ 42,000 $ 21,000 Accounts receivable 95,000 90,800 Inventory 26,000 42,000 Liabilities Accounts payable $ 59,000 $ 74,000 Additional information for 2018: Net income was $172,000. Depreciation expense was $32,000. Sales totaled $820,000. Cost of goods sold totaled $327,000. Required: Prepare the summary entry for the amount of cash received from customers during 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Partial balance sheets and additional information are listed below for Funk Company. Funk Company Partial Balance Sheets as of December 31 2018 2017 Assets Cash $ 42,000 $ 21,000 Accounts receivable 95,000 90,800 Inventory 26,000 42,000 Liabilities Accounts payable $ 59,000 $ 74,000 Additional information for 2018: Net income was $172,000. Depreciation expense was $32,000. Sales totaled $820,000. Cost of goods sold totaled $327,000. Required: Prepare the summary entry for the amount of cash received from customers during 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Partial
| Funk Company | ||||||
| Partial Balance Sheets | ||||||
| as of December 31 | ||||||
| 2018 | 2017 | |||||
| Assets | ||||||
| Cash | $ | 42,000 | $ | 21,000 | ||
| 95,000 | 90,800 | |||||
| Inventory | 26,000 | 42,000 | ||||
| Liabilities | ||||||
| Accounts payable | $ | 59,000 | $ | 74,000 | ||
Additional information for 2018:
Net income was $172,000.
Sales totaled $820,000.
Cost of goods sold totaled $327,000.
Required:
Prepare the summary entry for the amount of cash received from customers during 2018. (If no entry is required for a transaction/event, select "No
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