Northgate Publishers, Inc., had sales of $900,000 during 20X1, 80% of them on credit and 20% for
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Northgate Publishers, Inc., had sales of $900,000 during 20X1, 80% of them on credit and 20% for cash. During the year, accounts receivable increased from $60,000 to $90,000, an increase of $30,000. What amount of cash was received from customers during 20X1?
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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Introduction to Financial Accounting
ISBN: 978-0133251036
11th edition
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick
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