Solution-Effect of collecting accounts receivable on the

Effect of collecting accounts receivable on the accounting

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Reference no: EM13536088

Effect of collecting accounts receivable on the accounting equation and financial statements

Venture Company earned $8,000 of service revenue on account during 2010. The company collected $5,200 cash from accounts receivable during 2010.

Required

Based on this information alone, determine the following.

a. The balance of the accounts receivable that Venture would report on the December 31, 2010, balance sheet.

b. The amount of net income that Venture would report on the 2010 income statement.

c. The amount of net cash flow from operating activities that Venture would report on the 2010 statement of cash flows.

d. The amount of retained earnings that Venture would report on the 2010 balance sheet.

e. Why are the answers to Requirements b and c different?

Reference no: EM13536088

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Effect of collecting accounts receivable on the accounting

Reference no: EM13536088

Reference no: EM13536088

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