9 let s say that our company makes chairs i make usd1 million in sales
Question
9. Let's say that our company makes chairs. I make $1 million in sales for the year. All the sales happen on ONE DAY... December 28th. Half of the customers pay
me in cash. The other half tell me that they will be paying me next week. According to GAAP, how much sales will I show on my income statement and WHY?