Question: 43 Magnolia Corporation began 2016 with Accounts Receivable of $580,000. Service revenue, all on account, for the year, totaled $2,600,000. Magnolia ended the year with accounts receivable of $600,000. Magnolia's bad-debt losses are nonexistent. How much cash did Magnolia collect from customers in 2016?

Essentials Of Investments
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Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Question: 43
Magnolia Corporation began 2016 with Accounts Receivable of $580,000.
Service revenue, all on account, for the year, totaled $2,600,000. Magnolia
ended the year with accounts receivable of $600,000. Magnolia's bad-debt
losses are nonexistent.
How much cash did Magnolia collect from customers in 2016?
Transcribed Image Text:Question: 43 Magnolia Corporation began 2016 with Accounts Receivable of $580,000. Service revenue, all on account, for the year, totaled $2,600,000. Magnolia ended the year with accounts receivable of $600,000. Magnolia's bad-debt losses are nonexistent. How much cash did Magnolia collect from customers in 2016?
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