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Lincoln Supplies reported an increase of $420,000 in its accounts receivable during the year 2024. The company's statement of cash flows for 2024 reported $1.5 million of cash received from customers. What amount of net sales must Lincoln have recorded in 2024? a. $420,000 b. $1,500,000 c. $1,920,000 d. $1,080,000

Lincoln Supplies reported an increase of $420,000 in its accounts receivable during the year 2024. The company's statement of cash flows for 2024 reported $1.5 million of cash received from customers. What amount of net sales must Lincoln have recorded in 2024? a. $420,000 b. $1,500,000 c. $1,920,000 d. $1,080,000

Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter6: Statement Of Cash Flows
Section: Chapter Questions
Problem 14E
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Lincoln Supplies reported an increase of $420,000 in its accounts receivable during the year 2024. The company's statement of cash flows for 2024 reported $1.5 million of cash received from customers. What amount of net sales must Lincoln have recorded in 2024? a. $420,000 b. $1,500,000 c. $1,920,000 d. $1,080,000
Transcribed Image Text:Lincoln Supplies reported an increase of $420,000 in its accounts receivable during the year 2024. The company's statement of cash flows for 2024 reported $1.5 million of cash received from customers. What amount of net sales must Lincoln have recorded in 2024? a. $420,000 b. $1,500,000 c. $1,920,000 d. $1,080,000
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