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Steven Corporation began operations in year 1. For the year ended December 31, year 1, Steven made available the following information:
All merchandise was marked to sell at 40% above cost. Assuming that all sales are on a credit basis and all receivables are collectible, what should be the balance in accounts receivable at December 31, year 1? A. $192,000 B. $250,000 C. $290,000 D. $ 50,000 |