Partial balance sheets and additional information are listed below for Funk Company.
Additional information for 2016:
Net income was $170,000.
Depreciation expense was $30,000.
Sales totaled $800,000.
Cost of goods sold totaled $325,000.
Required:
Prepare the summary entry for the amount of cash received from customers during 2016.
Definitions:
Registration Filing
The process of submitting required documents to a regulatory body to declare the details of securities to be offered to the public.
Regulation S-K
A set of SEC regulation that provides specific instructions on non-financial statement disclosures required as part of corporate securities offerings.
Requirements
Conditions or capabilities needed by a user to solve a problem or achieve an objective.
Real Estate Companies
Businesses involved in the buying, selling, management, or investment of real estate properties.
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