The following data were reported by ABC Company during the current year: Accounts receivable – January 1 100,000 Accounts receivable – December 31 150,000 210,000 Notes receivable – January 1 Notes receivable – December 31 Advances from customers – January 1 120,000 40,000 Advances from customers – December 31 55,000 4,000 Sales returns and allowance Sales discounts 1,000 Uncollectible accounts written off during the year Recoveries of accounts previously written off 4,000 Sales under accrual 500,000 Determine the gross sales under the cash basis of accounting.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following data were reported by ABC Company during the current year:
Accounts receivable – January 1
100,000
150,000
Accounts receivable – December 31
Notes receivable – January 1
210,000
Notes receivable – December 31
120,000
Advances from customers – January 1
40,000
Advances from customers – December 31
55,000
Sales returns and allowance
4,000
Sales discounts
1,000
4,000
Uncollectible accounts written off during the year
Recoveries of accounts previously written off
Sales under accrual
500,000
Determine the gross sales under the cash basis of accounting.
Transcribed Image Text:The following data were reported by ABC Company during the current year: Accounts receivable – January 1 100,000 150,000 Accounts receivable – December 31 Notes receivable – January 1 210,000 Notes receivable – December 31 120,000 Advances from customers – January 1 40,000 Advances from customers – December 31 55,000 Sales returns and allowance 4,000 Sales discounts 1,000 4,000 Uncollectible accounts written off during the year Recoveries of accounts previously written off Sales under accrual 500,000 Determine the gross sales under the cash basis of accounting.
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