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You work as an accountant for a retailing business. How would you respond to the...

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Accounting

You work as an accountant for a retailing business. How would you respond to the owners question after he reviews the monthly income statement prepared by you: Why do you report a profit of only $20,000 for the month, when $80,000 cash were received from customers and $30,000 cash were paid for expenses during the month?

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