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The Shak Attack Corporation reported sales revenue (accrual basis) of $52,000 for 2014. The accounts receivable balance was $5,500 and $4,900 at January 1, 2014, and December 31, 2014, respectively. The amount of cash collected from customers during 2014 was: a. $52,600 b. $52,000 c. $51,400 d. $47,300

The Shak Attack Corporation reported sales revenue (accrual basis) of $52,000 for 2014. The accounts receivable balance was $5,500 and $4,900 at January 1, 2014, and December 31, 2014, respectively. The amount of cash collected from customers during 2014 was: a. $52,600 b. $52,000 c. $51,400 d. $47,300

Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter8: Revenue Recognition, Receivables, And Advances From Customers
Section: Chapter Questions
Problem 42P
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The Shak Attack Corporation reported sales revenue (accrual basis) of $52,000 for 2014. The accounts receivable balance was $5,500 and $4,900 at January 1, 2014, and December 31, 2014, respectively. The amount of cash collected from customers during 2014 was: a. $52,600 b. $52,000 c. $51,400 d. $47,300
Transcribed Image Text:The Shak Attack Corporation reported sales revenue (accrual basis) of $52,000 for 2014. The accounts receivable balance was $5,500 and $4,900 at January 1, 2014, and December 31, 2014, respectively. The amount of cash collected from customers during 2014 was: a. $52,600 b. $52,000 c. $51,400 d. $47,300
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