During the year, a company records $ 100,000 in cash sales and $ 160,000 in credit sales,

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During the year, a company records $ 100,000 in cash sales and $ 160,000 in credit sales, of which $ 40,000 was collected from customers. Also during the year, $ 80,000 was collected from last year’s credit sales. How much cash was collected from customers? What is reflected on the SCF?

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Intermediate Accounting

ISBN: 978-0071339476

Volume 1, 6th Edition

Authors: Beechy Thomas, Conrod Joan, Farrell Elizabeth, McLeod Dick I

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