Question: The income statement for Lilly s Company for the year ended
The income statement for Lilly’s Company for the year ended June 30, 2010, showed sales of $50,000. During the year, the balance in accounts receivable increased by $7,500. What adjustment to net income would be shown in the operating section of the statement of cash flows prepared using the indirect method related to this information? How much cash was collected from customers during the fiscal year ended June 30, 2010?
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