Partial balance sheets and additional information are listed below for Funk Company. Funk Company Partial Balance Sheets as of December 31 2018 2017 Assets Cash $ 42,000 $ 21,000 Accounts receivable 95,000 90,800 Inventory 26,000 42,000 Liabilities Accounts payable $ 59,000 $ 74,000 Additional information for 2018: Net income was $172,000. Depreciation expense was $32,000. Sales totaled $820,000. Cost of goods sold totaled $327,000. Required: Prepare the summary entry for the amount of cash received from customers during 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Partial balance sheets and additional information are listed below for Funk Company. Funk Company Partial Balance Sheets as of December 31 2018 2017 Assets Cash $ 42,000 $ 21,000 Accounts receivable 95,000 90,800 Inventory 26,000 42,000 Liabilities Accounts payable $ 59,000 $ 74,000 Additional information for 2018: Net income was $172,000. Depreciation expense was $32,000. Sales totaled $820,000. Cost of goods sold totaled $327,000. Required: Prepare the summary entry for the amount of cash received from customers during 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.8MCP

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Funk Company
Partial Balance Sheets
as of December 31
	2018		2017
Assets
Cash	$	42,000		$	21,000
Accounts receivable		95,000			90,800
Inventory		26,000			42,000
Liabilities
Accounts payable	$	59,000		$	74,000