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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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