Assume a firm recorded Sales Revenue for the year ended 12/3…
Assume a firm recorded Sales Revenue for the year ended 12/31/2020 of $500,000. The fim’s accounts receivable balance from customers at 12/31/2019 was $40,000, and the 12/31/2020 accounts receivable was $80,000. How much cash did the firm collect from its customers during 2020?