DryGrass Ltd provides the following information that relates to the period ended 30 June 2021:

$'000
Sales for the year 780
Discounts allowed 65
Bad debts expense 20
Opening balance Accounts Receivable 330
Closing balance Accounts Receivable 250
Sales returns 35

What amount of cash was received from customers during the year?

a. $775 000

b. $740 000

c. $615 000

d. $580 000

e. None of the above

An apartment on the Sunshine Coast belongs to Mark, the owner of Smart Travel Goods Pty Ltd. Because he thinks he might allow executives to use it sometimes, Mark decides to list the apartment as an asset of the company. Which of the following principles affects this decision?

a. Full disclosure

b. Monetary principle

c. Going concern principle

d. Accounting entity principle

e. Cost principle

Answer rating: 100% (QA)

1 2 Sales Less Discount Allowed Less Sales Returns Net Sa... View the full answer