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The cash flows from operating activities are reported by the direct method on the statement of cash flows. Determine the following:

(1) If sales for the current year were $695,000 and accounts receivable decreased by $43,500 during the year, what was the amount of cash received from customers?

(2) If income tax expense for the current year was $56,000 and income tax payable decreased by $5,200 during the year, what was the amount of cash payments of income tax?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9960409

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