The cash flows from (used for) operating activities are reported by the direct method on...
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Accounting
The cash flows from (used for) operating activities are reported by the direct method on the statement of cash flows. Determine the following: (a) If sales for the current year were $375,000 and accounts receivable increased by $29,000 during the year, what was the amount of cash received from customers? (b) If income tax expense for the current year was $39,000 and income taxes payable decreased by $21,000 during the year, what was the amount of cash payments for income taxes?
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