The following balances have been excerpted from Tito Piccolo’s statement of financial position: December 31 January 1 Prepaid insurance 6,000 7,500 Interest receivable 3,700 14,500 Salaries payable 61,500 53,000 Accounts receivable 550,000 415,000 Allowance for bad debts 40,000 25,000 Tito Piccolo Company reported the following during 2020 the following items: Insurance premiums paid 41,500 Interest collected 123,500 Salaries paid 481,000 Sales 1,980,000 No uncollectible accounts were written off during 2020. Had the cash basis of accounting been used instead, how much have been reported as receipts for 2020?
The following balances have been excerpted from Tito Piccolo’s
December 31 January 1
Prepaid insurance 6,000 7,500
Interest receivable 3,700 14,500
Salaries payable 61,500 53,000
Allowance for
Tito Piccolo Company reported the following during 2020 the following items:
Insurance premiums paid 41,500
Interest collected 123,500
Salaries paid 481,000
Sales 1,980,000
No uncollectible accounts were written off during 2020. Had the cash basis of accounting been used instead, how much have been reported as receipts for 2020?
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