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Company balance sheet and income statement

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Reference no: EM132420980

a) On June 15th, a company sells $1mm of clothing that cost them $600k to Macy's with 30 day terms. How does this affect the company's balance sheet and income statement on June 30th?

b) What happens to the company's balance sheet and income statement in July after Macy's pays them the $1mm?

Reference no: EM132420980

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