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Question - Newark Company has provided the following information:
Cash sales, $570,000
Credit sales, $1,470,000
Selling and administrative expenses, $450,000
Sales returns and allowances, $102,000
Gross profit, $1,480,000
Increase in accounts receivable, $67,000
Bad debt expense, $45,000
Sales discounts, $55,000
Net income, $1,030,000
Required - How much cash was collected from customers?
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