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Company A, reports net sales of $3,100,000, cost of goods sold of $1,900,000, and income tax expense of $148,000 for the year ended December 31,
Company A, reports net sales of $3,100,000, cost of goods sold of $1,900,000, and income tax expense of $148,000 for the year ended December 31, Year 2. Selected balance sheet accounts are as follows: Company A Selected Balance Sheet Data December 31 Increase (I or Cash Accounts receivable Inventory Accounts payable Income tax payable Year 2 $149,000 283,000 124,000 119,000 24,000 Year 1 $193,000 229,000 163,000 135,000 15,800 Decrease (D $44,000 (D 54,000 () 39,000 16,000 (D) 8,200 EOGECO E Required: Calculate cash received from customers, cash paid to suppliers, and cash paid for income taxes. Cash received from customers Cash paid to suppliers Cash paid for income taxes
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