H Company's Accounting Records Show The Cash Received from Customers Is:
A) $595,000

question 63

Multiple Choice

H Company's accounting records show:
$$\begin{array} { l r } &\$\\\text { Credit sales for the year } & 600,000 \\\text { Discounts provided for early payment } & 15,000 \\\text { Opening balance of accounts receivable } & 100,000 \\\text { Closing balance of accounts receivable } & 90,000\end{array}$$
The cash received from customers is:

• A) $595,000.
• B) $590,000.
• C) $600,000.
• D) $610,000.

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Definitions:

Taxpayer's Household

The group of individuals, typically family members, who live with the taxpayer and may affect the taxpayer's tax filings and deductions.

Marital Status

An individual’s legal partnership status, such as single, married, divorced, or widowed.

Tax Purposes

Pertaining to or in order to comply with tax laws and regulations.

Head of Household

Head of Household is a filing status for individual U.S. taxpayers who are unmarried and pay more than half the cost of keeping up a home for themselves and a qualifying person.