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What amount of cash did lance receive

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Reference no: EM132019885

Question - Lance Corp.'s statement of cash flows for the year ended September 30, year 1, was prepared using the indirect method and included the following:

Net income - $60,000

Noncash adjustments: $0

Depreciation expense - $9,000

Increase in accounts receivable - ($5,000)

Decrease in inventory - $40,000

Decrease in accounts payable - ($12,000)

Net cash flows from operating activities - $92,000

Lance reported revenues from customers of $75,000 in its year 1 income statement. What amount of cash did Lance receive from its customers during the year ended September 30, year 1?

Reference no: EM132019885

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