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Beginning and Ending Balances for Selected Accounts Are as Follows

question 62

Essay

Beginning and ending balances for selected accounts are as follows:
12/31/171/01/17 Accounts receivable $14,000$19,000 Revenue received in advance 6,0003,000\begin{array} { l r r r } & 12 / 31 / 17 & 1 / 01 / 17 \\\hline \text { Accounts receivable } & \$ 14,000 & \$ 19,000 \\\text { Revenue received in advance } & 6,000 & 3,000\end{array}
During 2017, sales revenue is $110,000. Calculate the cash collected from customers.


Definitions:

Consumer

This defines an individual who purchases goods and services for personal use, driving demand in the market.

Price

The monetary charge expected, imposed, or given in settlement for something.

Price Takers

Market participants who accept the prevailing market price without having the influence to alter it.

Output Level

The total quantity of goods or services produced by a business or economy in a given period.

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