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Tulip Corporation's financial data in 2020: INCOME STATEMENT BALANCE SHEET Sales $200,000 Cash $20,000 Increase - COGS $30,000 Accounts Receivable $10,000 Increase = Gross Profit

Tulip Corporation's financial data in 2020:

INCOME STATEMENT

BALANCE SHEET

Sales $200,000

Cash $20,000 Increase

- COGS $30,000

Accounts Receivable $10,000 Increase

= Gross Profit $170,000

Inventory $50,000 Decrease

- Operating Expenses $4,000

Accounts Payable $20,000 Decrease

- Depreciation Expense $1,000

Equity $80,000 Increase

= Net Income $165,000

Based upon this information what amount will be shown for Cash Receipts from Customers when using the direct method ?

Based upon this information what amount will be shown for Cash Payments to Suppliers when using the direct method?

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