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The cash flows from operating activities are reported by the direct method on the statement of cash flows. Determine the following:
(a)If sales for the current year were $375,000 and accounts receivable increased by $29,000 during the year, what was the amount of cash received from customers?
(b)If income tax for the current year was $39,000 and income tax payable decreased by $21,000 during the year, what was the amount of cash payments for income tax?
Three Square Market
A company known for microchipping its employees as a part of an advanced payment and identification system.
Microchip Implantation
The process of embedding a small semiconductor device or microchip under the skin, often for identification, tracking, or medical purposes.
Pay-at-the-table Devices
Electronic devices used in restaurants that allow customers to pay their bill directly at the table, enhancing convenience and security.
Layoffs
The termination of employees from their jobs due to economic downturns, cost-cutting measures, or restructurings within a company.
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