Question: Faux Sure, Inc., earned $ 4 0 0 , 0 0 0 during its 4 th year of business. Its Accounts Receivable balances were $

Faux Sure, Inc., earned $400,000 during its 4th year of business. Its Accounts Receivable balances were $10,000 at the end of year 3 and $15,000 at the end of year 4. Match the amounts that will be reported on each of the 4th year financial statements listed below.
-
Revenue on the Income Statement
-
Cash Collected from Customers on the Statement of Cash Flows
A.
$405,000
B.
$395,000
C.
$400,000
D.
$415,000
E.
$385,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!