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.

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Definitions:

Demand Function

A mathematical expression showing the relationship between the quantity demanded of a good and its price, holding other factors constant.

Supply Function

A numerical model illustrating how the amount of a product provided is related to its cost.

Subsidy

A subsidy is a financial contribution provided by the government or a public body to support businesses, consumers, or sectors, reducing the price of goods or services.

Supply Function

A supply function is a mathematical relation that shows how the quantity supplied of a good is influenced by its price and possibly other factors, such as production cost.