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Lance Corp.s statement of cash flows for the year ended September 30, year 1, was prepared using the indirect method and included the following: Net
Lance Corp.s statement of cash flows for the year ended September 30, year 1, was prepared using the indirect method and included the following:
Net income | $60,000 |
Noncash adjustments: | $0 |
Depreciation expense | $9,000 |
Increase in accounts receivable | ($5,000) |
Decrease in inventory | $40,000 |
Decrease in accounts payable | ($12,000) |
Net cash flows from operating activities | $92,000 |
Lance reported revenues from customers of $75,000 in its year 1 income statement. What amount of cash did Lance receive from its customers during the year ended September 30, year 1?
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