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CONCEPTS IN FED.TAX.,2020-W/ACCESS

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 43P

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General Accounting

The smith company uses the cash basis of accounting. Smith Company
collected $700,000 from its customers during the year. Smith had $50,000
in Accounts Receivable at the beginning of the year, and $90,000 in accounts
receivable at the end of the year. What is Smith's Sales Revenue under the
accrual basis of accounting?

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