Fireside, Inc. uses accrual basis accounting. Its balance sheets reported Accounts Receivable of $12,000 at the end of its first year and $18,000 at the end of its second year. Its income statement reported Sales Revenue of $120,000 in its second year. What would Fireside's revenues have been if it had used cash basis accounting?
A. $120,000
B. $12,000
C. $114,000
D. $126,000
Answer: C
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