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The following information is available for Farr Company relative to 2010 operations:
Accounts receivable, January 1,2010 $40,000Account receivable collected during 2010 $84,000Cash sales during 2010 $20,000Inventory , January 1,2010 $48,000Inventory , December 31, 2010 $44,000Purchases of inventory during 2010 $80,000Gross margin on sales $42,000
What is Farr Company's accounts receivable balance at December 31, 2010?
a. $82,000
b. $62,000
c. $20,000
d. $146,000
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