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Suppose your firm receives a $ 1 0 million order on the last day of the year. You fill the order with inventory, which is
Suppose your firm receives a $ million order on the last day of the year. You fill the order with inventory, which is worth $ million. The customer picks up the entire onder the sume day and pays $ million upfront in cash. You issue a bill for the cusitomer to pay the remainins balance of $ million in days. Assume the corporate taxes are ignored ie taxrs rate Determine how each of the following entries would change due to this transaction.
a Revenues
b Net Income
c Accounts Receivable
d Inventory
e Cash
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