For the Year Ended June 30, 2020, Harry Corp Under the Cash Basis, Harry Should Report Revenue of
A)
For the year ended June 30, 2020, Harry Corp. reported revenue of $900,000 in its accrual basis income statement. Additional information was as follows: \begin{array}{llcc} \text {Accounts receivable June 30,2019..................................... } &\$200,000 \\ \text {Accounts receivable June 30,2020 ....................................} &490,000\\ \text { Uncollectible accounts written off during the fiscal year.......... } &20,000\\end{array}
Under the cash basis, Harry should report revenue of
A) $590,000.
B) $610,000.
C) $630,000.
D) $1,190,000.
Correct Answer:
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