During 20X1, Kew Company, a service organization, had $200,000 in cash sales and $3,000,000 in credit sales.

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During 20X1, Kew Company, a service organization, had $200,000 in cash sales and $3,000,000 in credit sales. The accounts receivable balances were $400,000 and $485,000 at December 31, 20X0 and 20X1, respectively.

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What was the amount of Kew Company’s cash receipts from sales in 20X1?

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Financial Reporting And Analysis

ISBN: 9781260247848

8th Edition

Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer

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Question Posted: Oct 29, 2020 08:20 AM

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During 20X1, Kew Company, a service organization, had $200,000 in cash sales and $3,000,000 in credit sales.

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Cash receipts from sales include collections on account plus cash sales ...View the full answer

Financial Reporting And Analysis

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