Question: *please show as much work and explanation as possible 7. Worldwide Resources, Inc. reported Sales Revenue of $840,000, on its 12/31/2011 Income Statement. Worldwide provides
7. Worldwide Resources, Inc. reported Sales Revenue of $840,000, on its 12/31/2011 Income Statement. Worldwide provides you with the following information: During 2011 the Sales Revenue account included the following items: Cash Sales to customers $315.000 Credit Sales to customers $460,000 Customer Deposits Earned $65,000 beginning and ending "accounts receivable" of $43,200 and $37,600, respectively and beginning and ending "customer deposits" of $20,000 and $28,500, respectively. In order to secure Worldwide's services, customers occasionally pay a deposit in advance of their services being provided. These advance payments are initially recorded on the balance sheet in the Customer Deposit account. When the services have been provided to the customer, the advance payment is transferred out of the Customer Deposit account and into Sales Revenue. Including the cash sales, what was the total cash collected from customers during the year was te A. $825,900 SR 840K B. $830,900 C. $840,000 D. $854,100 E. None of the above cash 315k
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