The following information relates to the Fowler Company for 2016: Sales discounts $ 700 Beginning accounts receivable 5,000 Collections on accounts receivable 20,000 Total sales reported on income statement 82,500 Ending accounts receivable 7,000 ? What was the amount of cash sales?
A) $61,200
B) $59,800
C) $63,800
D) $65,200
B
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Sanborn, Inc, leased equipment from Chase Supply on December 31 . 2014 . The lease term is for the 10-year period expiring December 30, 2021 . The useful life of the leased asset is 1 . years. Equal annual payments under the lease are $100,000 due on December 31 of each year. The first payment was made on December 31 . 2014 . Sanborn's incremental borrowing rate was 12% at December 31 . 2014
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