Partial Balance Sheets and Additional Information Are Listed Below for Julius

question 145

Essay

Partial balance sheets and additional information are listed below for Julius Company. Julius Company
Partial Balance Sheets
as of December 31
$\begin{array}{|l|r|r|}\hline \text { Assets } & 2018 & 2017 \\\hline \text { Cash } & \$ 20,000 & \$ 40,000 \\\hline \text { Accounts receivable } & 90,000 & 60,000 \\\hline \text { Inventory } & 40,000 & 25,000 \\\hline \mathbf { Liabilities } & & \\\hline \text { Accounts payable } & \$ 72,000 & \$ 58,000 \\\hline\end{array}$ Additional information for 2018:
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 2018.

Understand the relationship between production possibilities and Pareto optimality in resource allocation.

Interpret how marginal rates of substitution influence consumer choices and the allocation of resources.

Understand the importance of adaptability in team roles and orientations.

Recognize drawbacks and benefits of different team behaviors and structures.

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Definitions:

Sherman Act

A landmark federal statute in the antitrust law that prohibits monopolistic practices and promotes competition.

Robinson-Patman Act

A United States federal law aimed at preventing anticompetitive practices by producers, specifically price discrimination.

Clayton Act

A United States antitrust law enacted in 1914 aimed at increasing economic competition by prohibiting certain types of anti-competitive practices.

Sherman Act

A landmark federal statute in the field of United States antitrust law passed in 1890 to prohibit monopolies and restrictive trade practices.