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Question - Marcus Company delivered products to customers for which the customers were billed $4,250,000. The company collected $4,170,000 in cash from customers during the year.
Indicate which of these amounts will appear on the income statement and which on the statement of cash flows?
What is the effect on the accounting equation when the business receives cash from an account receivable
The questions in this section test your knowledge and also your ability to apply your knowledge. Read each question carefully and select one correct answer.
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