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Practical Company had sales of $311,000 for the year. The company reported accounts receivable of $39,000 at the end of last year and $34,000 at the end of this year. Practical's cost of goods sold this year was $255,000. In last year's statement of financial position, the company reported inventory of $50,000 and accounts payable of $33,000. In this year's statement of financial position, Practical reported inventory of $43,000 and accounts payable of $46,000.
Calculate the amount of cash that Practical collected from customers during the year.
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