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How much net revenue would be reported

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Question - Fairplay had the following information related to the sale of its products during 2009, which was its first year of business:

Revenue $1,000,000

Returns of goods sold $100,000

Cash collected $800,000

Cost of goods sold $700,000

Under the accrual basis of accounting, how much net revenue would be reported on Fairplay's 2009 income statement?

Reference no: EM132884291

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