Partial Balance Sheets and Additional Information Are Listed Below for Funk

question 108

Essay

Partial balance sheets and additional information are listed below for Funk Company. Funk Company
Partial Balance Sheets
as of December 31
$\begin{array}{|l|r|r|}\hline\text { Assets } & 2018 & 2017 \\\hline \text { Cash } & \$ 40,000 & \$ 20,000 \\\hline \text { Accounts receivable } & 94,000 & 90,000 \\\hline \text { Inventory } & 25,000 & 40,000 \\\hline \mathbf { Liabilities } & & \\\hline \text { Accounts payable } & \$ 58,000 & \$ 72,000\\\hline\end{array}$ Additional information for 2018:
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 2018.

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Definitions:

Government Agencies

Entities established by a government to implement legislation, administer regulations, and provide services in a specific area.

Advertisements

Communications intended to inform, persuade, or remind potential customers about a product or service.

External Information

Data or knowledge obtained from sources outside an organization or system.

Sales Personnel

Individuals involved in selling products or services to customers, often directly interacting with them to close sales and meet revenue targets.