C Companys current year income statement reports the following: Sales $825,000 Cost of...
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Accounting
C Companys current year income statement reports the following:
Sales $825,000
Cost of Goods Sold $550,000
Gross Profit $275,000
C Companys comparative balance sheets show the following:
End of Year Beginning of the Year
Accounts receivable $71,000 $60,000
Inventory $109,000 $96,000
Accounts payable $31,000 $37,000
Compute the cash received from customers and the cash paid for inventory purchases.
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