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Last year Lawn Corporation reported sales of $320,000 on its income statement. During the year, accounts receivable increased by $33,000 and accounts payable increased by
Last year Lawn Corporation reported sales of $320,000 on its income statement. During the year, accounts receivable increased by $33,000 and accounts payable increased by $38,000. The company uses the direct method to determine the net cash provided by (used in) operating activities on the statement of cash flows. The sales revenue adjusted to a cash basis for the year would be:
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