Question: REVIEW PROBLEM 1: Daffy Duck's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales,

REVIEW PROBLEM 1: Daffy Duck's current year income statement, comparative balance

REVIEW PROBLEM 1: Daffy Duck's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to accounts receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit and (4) all debits to accounts payable reflect cash payments for inventory

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