For the Year Ended June 30, 2020, Harry Corp Under the Cash Basis, Harry Should Report Revenue of
A)

question 117

Multiple Choice

For the year ended June 30, 2020, Harry Corp. reported revenue of $900,000 in its accrual basis income statement. Additional information was as follows: \begin{array}{llcc} \text {Accounts receivable June 30,2019..................................... } &\$200,000 \\ \text {Accounts receivable June 30,2020 ....................................} &490,000\\ \text { Uncollectible accounts written off during the fiscal year.......... } &20,000\\end{array}
Under the cash basis, Harry should report revenue of

• A) $590,000.
• B) $610,000.
• C) $630,000.
• D) $1,190,000.

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Definitions:

Quantity

The amount, size, or number of something, which can be measured or counted.

Supply Chain Focus

The central attention or concentration on the management of the flow of goods and services, including all processes that transform raw materials into final products.

Profit Center

A distinct segment of a business that is responsible for generating its own revenue and profit, enabling better tracking of financial performance.

Value-Adding Activity

Any action or process that increases the worth of a product or service to customers, making it more desirable or enhancing its quality.