Partial balance sheets and additional information are listed below for Julius Company.

Additional information for 2016:
Net income was $70,000.
Depreciation expense was $30,000.
Sales totaled $600,000.
Cost of goods sold totaled $325,000.
Required:
Prepare the summary entry for the amount of cash received from customers during 2016.

Question

Partial balance sheets and additional information are listed below for Julius Company.
  
Additional information for 2016:
Net income was $70,000.
Depreciation expense was $30,000.
Sales totaled $600,000.
Cost of goods sold totaled $325,000.
Required:
Prepare the summary entry for the amount of cash received from customers during 2016.

Quizplus · Accepted Answer

The Answer of Partial balance sheets and additional information are listed below for Julius Company.
  
Additional information for 2016:
Net income was $70,000.
Depreciation expense was $30,000.
Sales totaled $600,000.
Cost of goods sold totaled $325,000.
Required:
Prepare the summary entry for the amount of cash received from customers during 2016.

Partial Balance Sheets and Additional Information Are Listed Below for Julius