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The following items and amounts are taken from the 2016 financial records of Lumos Chunde,...

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Accounting

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The following items and amounts are taken from the 2016 financial records of Lumos Chunde, Inc. Prepare an income statement for the year ending December 31, 2016: Cash collected on accounts receivable would produce what effect on the balance sheet? Increase liabilities and decrease equity Decrease liabilities and increase equity Increase assets and decrease assets Decrease assets and decrease liabilities

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