Problem: A company sold $400,000 of merchandise for cash and $120,000 of merchandise to credit customers who will pay for the merchandise in a later time period. How much revenue should be reported on the income statement of the current time period? A) $280,000 B) $520,000 C) $400,000 D) $120,000
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Problem Details
A company sold $400,000 of merchandise for cash and $120,000 of merchandise to credit customers who will pay for the merchandise in a later time period. How much revenue should be reported on the income statement of the current time period?
A) $280,000
B) $520,000
C) $400,000
D) $120,000
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