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Leo Company reported sales of $215,000 during Year 2. Assume that all sales are credit sales. Leo's balance sheets for Year 2 and Year
Leo Company reported sales of $215,000 during Year 2. Assume that all sales are credit sales. Leo's balance sheets for Year 2 and Year 1 showed the following: Accounts receivable Accounts payable Year 2 Year 1 $96,000 $86,000 70,000 66,000 Based on this information, how much cash did Leo collect from sales during Year 2? Multiple Choice $225,000 $219,000 $311,000
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
