Question 1:Download the income statement and balance for Churchill ...

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Question 1:Download the income statement and balance for Churchill Downs Inc(Ticker: CHDN) How much did the company collect incash from customers during 2017?

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To compute for the cash collections from customers in a given year, one has to understand the nature of the accrual basis of Accounting. According the to accrual basis approach, a transaction is recorded when it essentially took place, and is not dependent on whether cash is paid or received.
Therefore, with respect to transactions with customers, a sale by a company to its customers is recorded upon the actual sale of the event, and not during the payment by the customer for the sale. Another important concept to know that is useful in answering the question is the nature of current assets. Account receivables and other trade receivables are current assets, which means they are collected in cash within a year. Now, we are ready to answer the question. Additional analyses will be...

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