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. Additional information for 2013:
Net income was $70,000.
Depreciation expense was $30,000.
Sales totaled $600,000.
Cost of goods sold totaled $325,000.
Required:
Calculate the amount of cash received from customers during 2013.

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Definitions:

Inconsistent Statement

A situation where two or more statements are contradictory, making them unable to be true at the same time.

Truth Values

The attribution of either _true_ or _false_ to propositions, in logic.

Antecedent Statement

A statement that comes before another in a logical sequence, often providing a cause or reason for the subsequent statement.

Simple Statement

A grammatically correct construction in a given language used to assert that an idea is true.